Republican presidential candidate Donald Trump stated on Tuesday that he wants all remaining bitcoin to be produced in the United States, emphasizing that this will help the country become energy-dominant.
Trump said in a late-night message on the social media platform Truth Social, “VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!!”
Trump’s post suggests that he wants to see more Bitcoin mining done by US companies using local resources. According to research, current mining hotspots include China, Central Asian countries, El Salvador, and a few European countries such as Germany.
Trump, the first presidential candidate in the United States to accept cryptocurrency payments, met with officials from CleanSpark Inc. and Riot Platforms, both Nasdaq-listed bitcoin mining firms, on Tuesday morning. The former President reportedly told attendees at the Mar-a-Lago luncheon that miners help to balance the grid’s electricity supply.
Bitcoin mining stocks rose on Wednesday, led by TeraWulf, which had risen by about 20% at one point. The great majority had fallen the previous trading day. TeraWulf shares reached a high of $4.13 on Wednesday, up 19% from the previous day’s close. Following TeraWulf, Riot Inc. also saw a 6.5% rise, while Hive Digital Technologies was up nearly 8%.
While the price of bitcoin has recovered roughly 5%, it looks like Trump’s statements may have aided price gains for mining stocks. Bitcoin’s price soared past $69,000 following Wednesday’s U.S. inflation report, which was lower than predicted.
