In a bold move, former President Donald Trump has called for the United States to become the dominant player in Bitcoin (BTC) mining. Announced on Tuesday, Trump’s vision is for all remaining Bitcoin to be mined within the U.S., leveraging the country’s vast energy potential.
In a late-night post on Truth Social, Trump, the Republican presidential candidate, argued that Bitcoin mining could be the nation’s last line of defense against the potential threat posed by a Central Bank Digital Currency (CBDC). His comments sparked a significant rally in Bitcoin mining stocks on Wednesday.
Market Reaction
Following Trump’s announcement, Bitcoin mining stocks experienced notable gains. TeraWulf (WULF) surged by nearly 20% at one point, before settling at a 10% increase by the end of the trading day. Other mining stocks followed suit: Hut 8 Corp (HUT) rose by 10%, Riot Platforms (RIOT) climbed 6.5%, and CleanSpark (CLSK) advanced by over 8.15%.
Trump’s Relationship with Crypto
Trump has become a prominent supporter of cryptocurrency, being the first U.S. presidential candidate to accept cryptocurrency donations for his campaign. On June 11, he held a meeting with Bitcoin mining companies at his Mar-a-Lago estate. During this meeting, he reportedly highlighted the role of Bitcoin miners in stabilizing the electricity grid.
The Push for Domestic Bitcoin Mining
Trump’s vision as “the crypto president” involves a strategic push for domestic Bitcoin mining, utilizing America’s local resources. Currently, major Bitcoin mining hubs include regions in Central Asia, El Salvador, and certain European countries. By encouraging U.S.-based mining, Trump aims to position the country as a leader in the cryptocurrency sector.
Bitcoin Price Surge
In tandem with the stock market movements, Bitcoin’s price surged past $69,000 following a U.S. inflation report released on Wednesday, which indicated lower-than-expected figures. This rally underscores the broader market’s positive reception to Trump’s pro-crypto stance and the potential implications for the cryptocurrency industry.
In summary, Trump’s call for U.S. dominance in Bitcoin mining has energized the market, propelling mining stocks upward and reinforcing his image as a strong advocate for cryptocurrency. As the political landscape evolves, Trump’s support could significantly influence the future of Bitcoin mining and the broader crypto economy in the United States.
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