Trump would back Bitcoin over Fed-backed crypto

Trump would back Bitcoin over Fed-backed crypto
Presidential hopeful held event for crypto miners at Mar-a-Lago Tuesday.
JUN 12, 2024
By  Bloomberg

Several Bitcoin miners met with former president Donald Trump at Mar-a-Lago on Tuesday night, according to Matthew Schultz, executive chairman at crypto mining company CleanSpark Inc.

Trump told attendees that he loves and understands cryptocurrency, adding that Bitcoin miners help to stabilize energy supply from the grid, according to Schultz. Trump said he’d be an advocate for miners in the White House, Schultz added.

So. I just ran into a guy that’s a huge fan of #bitcoin and LOVES what we’re doing at @CleanSpark_Inc in #georgia and #mississippi and #wyoming. pic.twitter.com/ofSXJGWWfn

— S Matthew Schultz (@smatthewschultz) June 11, 2024

The Trump campaign didn’t immediately respond to a request for comment. In a post on his Truth Social account, Trump said Bitcoin mining may be “our last line of defense against a CBDC,” referring to a central bank digital currency, adding that he wants all remaining Bitcoin to be “MADE IN THE USA!!!”

The former president has increasingly highlighted Bitcoin and other digital assets on the campaign trail in recent weeks as a way to reach new voters. He has taken advice on the subject from Elon Musk and pledged at a recent Libertarian Party convention to commute the sentence of Ross Ulbricht, the convicted founder of the Silk Road online marketplace. His campaign is also now accepting crypto donations.

Jason Les, chief executive officer and director of Riot Platforms Inc., also met with Trump at Mar-a-Lago, according to a post on X. 

EMISSIONS, GRID

The meeting comes as crypto miners reel from a backlash over a range of issues including climate change and their impact on local power grids. Democrats have been leading efforts to ramp up scrutiny of Bitcoin miners’ energy consumption and carbon emissions, while Texas Senator Ted Cruz has been a high-profile backer of the industry.

The crypto sector, meanwhile, is striving to bolster candidates seen as favorable to digital assets, including through ever-greater donations to the Fairshake political action committee.

The US has supplanted China as the epicenter of Bitcoin mining since 2021, when Beijing enforced an industry ban. The energy-intensive process involves using power-hungry computers to validate encrypted transactions on the Bitcoin blockchain, with rewards earned in the form of tokens.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.