Trump Pledges To Support Bitcoin Mining Initiatives
Donald Trump recently met with David Bailey, CEO of Bitcoin Magazine, along with several prominent U.S. Bitcoin miners. During the meeting, Trump pledged to advocate for Bitcoin mining both in Washington D.C. and internationally.
Today was a historic moment in our journey towards hyperbitcoinization. The former and next President of the United States gathered America’s hashrate and committed to championing our cause in DC and on the global stage. Bitcoin will THRIVE in 🇺🇸
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) June 12, 2024
Orange Man+Orange Coin= Good pic.twitter.com/YhfzoJg19g
The gathering included representatives from major Bitcoin mining companies such as CleanSpark, Riot Platforms, Marathon Digital, and other significant industry players.
Key attendees were S Matthew Schultz from CleanSpark, Jason Les and Brian Morgenstern of Riot Platforms, Salman Khan of Marathon Digital, and Amanda Fabiano of Fabiano Consulting, previously Head of Mining at Galaxy and Director of Bitcoin Mining at Fidelity.
Following the meeting, Trump took to his Truth Social platform to express his desire for all "remaining Bitcoin to be made in the USA," emphasizing that "it will help us be energy dominant."
Trump's position on Bitcoin contrasts with his competitor, Joe Biden. The current administration under Biden has shown a more adversarial stance towards the industry, displaying a reluctance to embrace Bitcoin and cryptocurrencies while being more supportive of a Central Bank Digital Currency (CBDC).
A couple of weeks ago, Trump became the first U.S. President to accept Bitcoin Lightning Network donations.
He recently stated that he wants the future of Bitcoin and crypto to remain in America, not driven overseas by stringent regulations. Trump also declared his support for the right to self-custody for the nation's 50 million Bitcoin and crypto holders.
On X, JAN3 CEO Samson Mow explained that many people may not fully grasp the significance of Trump embracing Bitcoin.
Many people don't seem to understand the importance of Trump embracing #Bitcoin. This isn't a partisan thing or even about whether promises will be kept. This a shift in discourse that precedes nation-state competition to achieve Bitcoin Dominance. 🍊💊🌎 https://t.co/BfXvtOoXhD
— Samson Mow (@Excellion) June 12, 2024
He emphasized that this development transcends partisan politics and the issue of whether promises will be kept. According to Mow, this marks a shift in discourse that could lead to nation-state competition for Bitcoin dominance.
Mow stated, "I guarantee that this move from Trump will be discussed behind closed doors by governments around the world. MSM news outlets are already talking about it. We saw ICBC in China embrace #Bitcoin yesterday. This is going to push everything ahead even more."
He also praised David Bailey for his efforts in promoting Bitcoin adoption in the U.S., acknowledging his significant contributions to the cause.