Donald Trump Pledges Support for Bitcoin Mining Industry Ahead of Potential 2024 Run
Summary:
Former U.S. President Donald Trump held a meeting with executives from the Bitcoin mining industry, promising to support the sector if re-elected. The meeting discussed the potential of Bitcoin mining in job creation and strengthening the electricity grid. This is a shift in Trump's stance, who, during his presidency in 2021, termed Bitcoin a "scam". Furthermore, he recently started accepting crypto for his campaign funding, suggesting a growing engagement with the cryptocurrency industry.
On June 11, Donald Trump, the former U.S. president, welcomed various prominent individuals from Bitcoin (BTC) mining corporations to his residence in Mar-a-Lago, Florida. The group included Jason Les, CEO of Riot Platforms, Brian Morgenstern, Riot Platform's head of public policy, Matthew Schultz, executive chairman of CleanSpark, and Amanda Fabiano, a member of TeraWulf's board. The discussions revolved around the potential of Bitcoin mining to enhance the performance of the electrical grid and promote employment opportunities, as revealed in posts on X.
According to Matthew Schultz from CleanSpark, in a conversation with Bloomberg, Trump pledged his advocacy for the sector if he wins the presidency again in the upcoming November elections. Amanda Fabiano expressed the struggles the industry is currently facing due to political skirmishes and misguided understanding of its operations. She emphasized the need for politicians to recognize the positive impacts of Bitcoin and its mining process.
The current administration under President Joe Biden has announced the possibility of implementing a 30% electricity tax on Bitcoin miners, increasing the political scrutiny on the sector further. The industry is also under criticism for its escalating emissions and heavy energy consumption, questioning the potential implications on the power grids.
Earlier, during his tenure in 2021, Trump had expressed skepticism about Bitcoin, terming it a "scam," however, his recent approach indicates a significant shift towards favoring the industry. This possible attempt to win over the industry’s influential lobbying groups comes amid the run-up to the 2024 presidential elections scheduled for November 5. He emphasized that the U.S. should not be "second place" in regards to cryptocurrency, even proclaiming himself as the "crypto president" earlier in June.
Moreover, the billionaire recently started accepting cryptocurrency for his campaign funding and held an event last month for holders of his personal non-fungible tokens. On June 10, Trump had his inaugural parole officer meeting after being convicted of 34 felony counts for falsifying business records earlier on May 30. The virtual interview was conducted from his Mar-a-Lago resort and was described as "uneventful," lasting for less than 30 minutes, as unnamed sources reported to The Hill.
Published At
6/12/2024 7:47:36 AM
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