Former US President Donald Trump has committed to safeguarding the Bitcoin mining industry, positioning it as a potential bulwark against Central Bank Digital Currencies (CBDCs).
As he campaigns for the Republican nomination, Trump has emphasized his support for the crypto sector with the upcoming November elections in sight.
Trump’s Pro-crypto stance
Trump has garnered attention for his vocal endorsement and admiration for the crypto industry. Hosting Bitcoin mining stakeholders at his Mar-a-Lago resort in Florida, his public declarations have thrust crypto into the spotlight as a pivotal election issue.
On his social media platform, Truth Social, Trump expressed his ambition for all remaining Bitcoins to be mined in the United States. He contends that achieving this would establish the country as an energy leader and thwart creating or adopting a digital dollar or CBDC. Trump’s anti-CBDC stance resonates with many crypto advocates who fear that national digital currencies could be used for government surveillance and economic manipulation.
Trump shared a link to an opinion piece in Bitcoin Magazine titled “Trump is the Best Choice for Bitcoin.” The article, authored by Brian Morgenstein, head of policy at Bitcoin miner Riot Platforms and former White House deputy press secretary during the Trump administration, underscores why Trump is considered favorable for the crypto industry.
Trump recently held a roundtable meeting with Bitcoin miners at his Florida resort. The event included executives from several mining firms, such as Riot Blockchain and CleanSpark. During the discussions, Trump pledged his support for Bitcoin mining if elected.
Growing crypto support
The crypto industry is increasingly receptive to Trump’s overtures, especially given the current administration’s stance. President Biden recently vetoed a bill to repeal an SEC rule that complicates financial institutions’ ability to custody crypto assets.
Trump’s growing support within the crypto sector was evident at a recent fundraiser in San Francisco. At this event, where he described himself as a crypto president, the Republican candidate raised $12 million in donations from attendees, including numerous crypto investors.
With opposition from Trump and other crypto stakeholders, CBDCs continue gaining global traction. The Atlantic Council reports that 19 of the Group of 20 (G20) countries are in advanced stages of developing CBDCs. This advancement underscores the ongoing international interest and effort in establishing national digital currencies.