Republican presidential candidate Donald Trump is making strides in the digital assets community by making big announcements ahead of the elections. In his latest stint, Trump reportedly expressed his intention to mine all remaining Bitcoin in the United States.
Trump backs crypto industry
Donald Trump’s major statement comes in when the crypto industry is seeking to influence US politicians amid increasing regulatory scrutiny.
According to reports, several Bitcoin miners met with Trump. This includes Matthew Schultz, executive chairman of CleanSpark Inc. Schultz recounted that the Republican presidential candidate expressed his support for crypto.
He highlighted that Bitcoin mining can help stabilize the energy grid. Trump had pledged to advocate for Bitcoin miners if elected. However, he describes Bitcoin mining as potentially the “last line of defense against a CBDC” (central bank digital currency). He asserted a desire for all Bitcoin to be “MADE IN THE USA!!!”
Republican presidential candidate’s increasing focus on digital assets is evident now as he has engaged with figures like Elon Musk for advice on crypto. The other day, he had promised to commute the sentence of Ross Ulbricht, the Silk Road founder, during a Libertarian Party convention.
It is crucial to note that Trump’s campaign has started accepting crypto donations which can turn out to be a big thing for him.
Wassup with the market?
The digital asset market has witnessed some major fluctuations over the past week. The cumulative market cap shrank below the $2.5 trillion mark. Bitcoin (BTC), the biggest crypto, dropped below the $68,000 mark, and that too straight from the $71k level.
Bitcoin is trading at an average price of $67,361, at the press time. BTC price has dropped by more than 5% in the last 7 days. Its 24 hour trading volume is up by 4% to stand at $30.6 billion.
The crypto sector is actively supporting candidates favorable to digital assets, increasing donations to the Fairshake political action committee. Since China’s industry ban in 2021, the U.S. has become the epicenter of Bitcoin mining, a process requiring significant energy to validate transactions on the Bitcoin blockchain, with rewards given in Bitcoin tokens.
Trump’s support for cryptocurrency was further highlighted at a high-profile fundraiser at billionaire investor David Sacks’ residence in Pacific Heights, co-hosted by venture capitalist Chamath Palihapitiya.
At the event, San Francisco tech executive and former Trump ambassador to Austria, Trevor Traina, stated that Trump declared himself the ‘crypto president.’
