On June 12th, former President Trump took to Truth Social to express his desire for the remaining Bitcoin to be mined within the United States. In his post, Trump stated that this move aims to ensure that the crucial Bitcoin industry stays in the U.S., strengthening the country’s control over cryptocurrency and economic influence.
The Presidential Roundtable Meeting on Bitcoin Mining
According to Matthew Schultz, the CEO of Bitcoin mining company CleanSpark Inc., several representatives from the Bitcoin mining industry met with former President Trump at Mar-a-Lago estate on Tuesday evening. Schultz mentioned that Trump told attendees he likes and understands cryptocurrency, adding that Bitcoin miners help stabilize the energy supply of the grid. Schultz also noted that Trump said he would cheer for the miners at the White House.
The attendees of this so-called “Presidential Roundtable Meeting on Bitcoin Mining” included representatives from CleanSpark and Riot Platforms, both listed on Nasdaq, as well as Marathon Digital and other prominent industry participants. Key figures present were S Matthew Schultz from CleanSpark, Jason Les and Brian Morgenstern from Riot Platforms, Salman Khan, CFO of Marathon Digital, and Amanda Fabiano from Fabiano Consulting (former Galaxy Mining executive and Fidelity director).
Some of them even shared photos with Trump.
“I just met someone who really loves Bitcoin and also appreciates what CleanSpark is doing in Georgia, Mississippi, and Wyoming,” wrote S Matthew Schultz of CleanSpark on X platform.
“I just had a fantastic meeting with former President Trump, discussing Bitcoin and America’s energy advantage!” stated Jason Les from Riot Platforms.
Shift in Attitude Towards Bitcoin, Crypto Community Becomes Major Election Donor
The meeting took place amidst strong opposition faced by cryptocurrency miners due to various issues, including climate change and the impact on local power grids. The Democratic Party had been pushing for reviews of Bitcoin miners’ energy consumption and carbon emissions. While criticism was directed towards Bitcoin miners, efforts were also made to strengthen regulation and restrictions.
Simultaneously, the cryptocurrency industry continues to support candidates who favor digital assets by providing more donations to the Super PAC Fairshake. Trump’s attitude towards the cryptocurrency industry and regulation changed during his NFT dinner in May, where he revealed that his campaign team would start accepting cryptocurrency donations. Additionally, he criticized current President Biden for his tough stance on cryptocurrency, emphasizing that Biden does not understand it. Trump stated, “The future of cryptocurrency is in America, and it will not be driven overseas by regulatory measures.” He also openly supported the self-custody rights of 50 million American cryptocurrency holders.
David Bailey, CEO of Bitcoin Magazine and cryptocurrency assistant to Trump’s campaign team, previously revealed that when he first met Trump, he asked if Bitcoin could be used to solve America’s $35 trillion national debt issue.
On the other hand, Biden’s campaign team is formulating guidelines for digital asset policies with members of the cryptocurrency industry. According to a report from The Block last month, sources informed them that there has been a significant “shift” in Biden’s government and campaign’s stance, moving towards being cryptocurrency-friendly and willing to delve deeper into understanding digital assets and their community.
