Donald Trump recently met with leading bitcoin mining executives at his Mar-a-Lago residence, discussing how bitcoin mining could play a role in the U.S. winning the AI arms race. This move is part of his broader strategy to integrate cryptocurrency into his 2024 presidential campaign.
Key Takeaways
- Trump met with top bitcoin mining executives, representing 30% of the Bitcoin network’s computing power.
- He discussed policy issues, including the U.S. Department of Energy’s energy surveys and the proposed 30% excise tax on bitcoin miners.
- Trump believes bitcoin mining can support the U.S. in the AI arms race against China.
- The meeting highlighted the mining industry’s desire for fair treatment from the government.
Trump’s Engagement with Bitcoin Miners
Donald Trump hosted a closed-door meeting with prominent bitcoin mining executives at Mar-a-Lago. The event featured representatives from major firms like Marathon Digital, Riot Platforms, Terawulf, and CleanSpark. Trump held an Auradine ASIC chip, expressing approval of its American manufacturing.
Policy Discussions
During the meeting, Trump addressed several key policy issues:
- Energy Surveys: He mentioned the U.S. Department of Energy’s attempt to mandate energy surveys on crypto miners, which was temporarily suspended after a legal challenge.
- Excise Tax: Trump criticized the Biden administration’s proposed 30% excise tax on bitcoin miners, aimed at addressing environmental concerns.
- AI and U.S.-China Competition: He emphasized the importance of the U.S. leading in AI and how bitcoin mining could support this goal.
Industry’s Call for Fair Treatment
The bitcoin mining executives conveyed their desire for fair treatment from the government. They feel the current administration has not been supportive. While Marathon Digital’s Jayson Browder couldn’t confirm if the group would back Trump in the election, he noted they would engage similarly with the Biden campaign if given the opportunity.
Trump’s Broader Crypto Strategy
Trump’s recent social media posts and public statements indicate a strategic pivot towards embracing cryptocurrency. He has opposed the creation of a central bank digital currency (CBDC) and promoted bitcoin mining as a means to achieve energy dominance. This approach aims to appeal to the young, male demographic that is more likely to be involved in cryptocurrency.
Mixed Reactions and Future Implications
Trump’s pro-crypto stance has garnered mixed reactions. While some industry leaders support his views, others remain skeptical. The Biden administration has also shown interest in engaging with the crypto industry, marking a potential shift in policy. As the 2024 election approaches, the role of cryptocurrency in political campaigns will likely continue to evolve.
Sources
- Donald Trump talks bitcoin mining and policy at Mar-a-Lago, Axios.
- Having locked up actual miners, Trump tries to woo bitcoin ones – The Washington Post, Washington Post.
- Trump embraces Bitcoin in bizarre post to Truth Social | Salon.com, Salon.com.
- Trump says he will advocate for bitcoin miners in White House: report | The Block, The Block.
