Trump expressed his admiration and comprehension of cryptocurrency during a meeting with Bitcoin miners at Mar-a-Lago. He assured the attendees, including representatives from top companies like CleanSpark, Riot Platforms, Marathon Digital, and others, that he would support them on an international level.
Despite utilizing crypto for his campaign, Trump has firmly opposed the idea of a Central Bank Digital Currency (CBDC). In a recent post on Truth Social, he emphasized the importance of Bitcoin mining as a defense against a CBDC.
Trump made headlines last month by becoming the first presumptive Republican presidential nominee to accept cryptocurrency for campaign donations. He reiterated his love for cryptocurrency during the meeting, acknowledging the role miners play in stabilizing the energy grid and promising to advocate for them in the White House.
The gathering occurred amidst increasing criticism of crypto mining for its environmental impact and strain on power grids, leading to actions like China’s ban on Bitcoin mining in 2021 and restrictions on using carbon-based power sources in New York.
In early May, Trump vowed to end hostility towards cryptocurrency in the US if reelected and took a swipe at President Joe Biden, suggesting Biden lacks an understanding of crypto. His supportive stance on cryptocurrency is expected to appeal to voters who prioritize this issue.
While Trump has not proposed specific pro-crypto policies yet, his positive statements on the emerging asset class are being well-received by his supporters, who view the Biden administration as anti-crypto. The tug-of-war on digital currency regulation under Biden’s administration has created uncertainty in the industry.
Billionaire Mark Cuban believes that each candidate’s stance on crypto could become a defining issue in the 2024 presidential election. He has emphasized the importance of Biden choosing between SEC Chair Gary Gensler and crypto voters, as it could impact his chances of winning the White House.
