Former U.S. President Donald Trump has made cryptocurrencies a key part of his campaign for the upcoming presidential elections. He has promised to support Bitcoin (BTC) miners if he wins the presidency.
On June 11, Trump met with several Bitcoin miners at his Mar-a-Lago resort in Palm Beach, Florida. According to Matthew Shultz, executive chairman of the crypto mining company CleanSpark (NASDAQ: CLSK), Trump expressed his love for and understanding of the crypto sector.
Trump’s Support for Bitcoin Miners and Blockchain Companies
Matthew Shultz revealed that former U.S. President Donald Trump believes Bitcoin miners can help stabilize energy supply from the grid. Trump has promised to advocate for this stance if elected to the White House.
In addition, Trump met with Jason Les, CEO and director of Riot Platforms (NASDAQ: RIOT), one of the largest blockchain companies globally. Riot Platforms operates mining facilities that validate transactions on blockchain networks, primarily for Bitcoin.
Shortly after these meetings, Trump posted on his Truth Social account that Bitcoin mining might be “our last line of defense against a CBDC,” referring to a central bank digital currency. He emphasized that he wanted all remaining Bitcoin to be “MADE IN THE USA!!!” as it would contribute to the country being “ENERGY DOMINANT!!!”
Donald Trump’s post on Bitcoin mining. Source: Truth Social
Shifting Stances: Trump and Biden on Cryptocurrencies
Presidential hopeful Donald Trump has significantly changed his stance on crypto assets in recent years. In 2019, he argued that cryptocurrencies “are not money” and “can facilitate unlawful behavior, including drug trade and other illegal activity.” However, he has since reversed his position, recently stating he is “fine with crypto.” He has also highlighted the differences between himself and his rival, incumbent President Joe Biden, on this issue and has begun accepting campaign donations in digital currencies.
Meanwhile, President Biden has also made a surprising shift in his relationship with the crypto industry. His team has started reaching out to key crypto industry participants for insights and advice on the “crypto community and policy moving forward.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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