Make bitcoin mining stocks great again? Trump calls for US mining dominance

Hanzin

Donald Trump announced on Tuesday that he wants all remaining Bitcoin (BTC) to be mined in the United States, citing the country’s potential to dominate the energy sector.

In a late-night post on Truth Social, the Republican presidential candidate expressed the thought that Bitcoin mining could be the nation’s last line of defense against the Federal Reserve Digital Currency (CBDC).

Bitcoin mining stocks had a great day in the markets on Wednesday due to these comments. TeraWulf (WULF) was up nearly 20% at one point and settled for 10% intraday gains. Hut 8 Corp (HUT) gained 10%, Riot Platforms (RIOT) gained 6.5%, and CleanSpark (CLSK) gained over 8.15% by market close.

Trump and crypto

Trump is the first US presidential candidate to accept cryptocurrency payments for his campaign and has been outspoken in his support for crypto. He met with Bitcoin mining firms at Mar-a-Lago on June 11 and reportedly emphasized that Bitcoin miners are contributing to stabilizing the power grid.

Trump’s sense of being the “cryptocurrency president” has led him to push for domestic Bitcoin mining by leveraging local resources. Currently prominent Bitcoin mining locations include Central Asia, El Salvador and some European countries.

Bitcoin’s price rose above $69,000 today after the US inflation report released on Wednesday showed lower-than-expected numbers.

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