Trump Declares ‘Love’ and Understanding Of Crypto At Bitcoin Miners Meet
Several crypto miners gathered at Mar-a-Lago on Tuesday night to meet with presidential candidate Donald Trump, who promised to advocate for them internationally.
The attendees included representatives from top Bitcoin mining companies such as CleanSpark, Riot Platforms, Marathon Digital, and other prominent industry players.
Key figures included Matthew Schultz from CleanSpark, Jason Les and Brian Morgenstern from Riot Platforms, Salman Khan from Marathon Digital, and Amanda Fabiano of Fabiano Consulting.
While Trump has used crypto to advance his campaign, he has firmly opposed the establishment of a Central Bank Digital Currency (CBDC).
In a June 12 post on Truth Social, Trump said that Bitcoin mining might be the US’ final defense against a CBDC.
Just last month, Trump became the first presumptive Republican presidential nominee to accept cryptocurrency for official campaign donations.
Trump told attendees he “loves” and understands cryptocurrency, and that miners help to stabilize the energy grid, Bloomberg reported, citing Cleanspark’s Scultz. Trump also assured that he would advocate for miners in the White House.
The meeting took place amid growing criticism of crypto mining due to its environmental impact and strain on power grids. This has led to actions like China’s ban on Bitcoin mining in 2021 and restrictions in New York on using carbon-based power sources for mining.
Today was a historic moment in our journey towards hyperbitcoinization. The former and next President of the United States gathered America’s hashrate and committed to championing our cause in DC and on the global stage. Bitcoin will THRIVE in 🇺🇸
Orange Man+Orange Coin= Good pic.twitter.com/YhfzoJg19g
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) June 12, 2024
Trump Promises Crypto Support, Takes Aim at Biden
In early May, Trump announced he would aim to end the hostility towards cryptocurrency in the US if reelected. He also criticized incumbent President Joe Biden, implying that Biden lacks understanding of cryptocurrency.
Jonathan Thomas, CEO of prime brokerage Blueberry, previously told Cryptonews that Trump’s supportive stance on cryptocurrency will sway voters who prioritize crypto as their primary issue.
“This is an aspect that some people hold dear to their hearts, and will vote for which candidate supports their bias,” he said. He added that Trump’s crypto-friendly rhetoric will appeal to cryptocurrency enthusiasts, provided it doesn’t conflict with other issues they consider more important.
Crypto Policies Could Define 2024 Presidential Election: Mark Cuban
Although Trump has not yet proposed any specific pro-crypto policies, his supporters are welcoming his positive statements about the emerging asset class. This response is likely influenced by the Biden administration’s perceived anti-crypto stance.
Under Biden, the current administration has adopted a cautious approach toward the cryptocurrency industry, showing reluctance to embrace Bitcoin and other digital currencies.
Under his admin, digital currency regulation has faced a tug-of-war between different government agencies. With no clear winner, minor tweaks and a handful of enforcements are all that’s happened so far. Finding common ground has also proven difficult.
Billionaire Mark Cuban has weighed in on the matter, saying each candidate’s stance on crypto may become a defining issue in the US 2024 presidential election.
“I have said many times that Biden has to choose between [SEC Chair Gary] Gensler or crypto voters, or it could cost him the White House,” Cuban said.
