The meeting was part of a larger push to support Trump's bid to return to the White House, with the crypto industry intending to make Bitcoin a defining issue for the 2024 election. Trump has also been accepting digital currency donations and has pledged to defend the rights of those who choose to self-custody their coins. The former president has also declared that all future Bitcoin will be minted in the U.S., should he return to the White House.
Key takeaways:
- Former U.S. President Donald Trump met with bitcoin mining executives and experts at Mar-a-Lago Club to discuss the potential of the cryptocurrency. This was the first time Trump had taken a meeting with technologists securing the $1.3 trillion bitcoin network.
- Trump expressed interest in how bitcoin miners could help solve America's energy deficit problem. He later took to social media to extol the virtues of the bitcoin mining business, stating that it may be the last line of defense against a Central Bank Digital Currency (CBDC).
- Trump has been making increasingly bullish comments on crypto and is now accepting digital currency donations. He has pledged to defend the rights of those who choose to self-custody their coins and has declared that all future bitcoin will be minted in the U.S., should he return to the White House.
- Bitcoin miners have been trying and failing for years to get into a room with President Biden. Under the current administration, the U.S. Treasury Department has looked to impose a 30% tax squarely on the cost of electricity used in crypto-related mining operations.