Trump Pledges Support for Bitcoin, Promises to Safeguard Crypto Industry

In a recent event, CleanSpark Inc.’s Executive Chairman Matthew Schultz shared insights on Donald Trump’s evolving stance on cryptocurrency. Trump, joined by Riot Platforms CEO Jason Les and head of public policy Brian Morgenstern, voiced strong support for the crypto sector.

“President Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin, and for many of us, to work in the Bitcoin industry,” stated Morgenstern, reflecting Trump’s commitment to safeguarding crypto interests.

Trump underscored the role of Bitcoin mining in stabilizing the energy grid, aligning this with his vision for energy dominance. “We want all the remaining Bitcoin to be made in the USA. It will help us be energy-dominant,” Trump emphasized, signaling robust support for the sector if he returns to the White House.

These developments come amidst growing scrutiny over crypto mining’s environmental impact. The US Energy Information Administration (EIA) had started collecting data on electricity usage by crypto miners in February, facing resistance that led to a court-ordered halt. Concurrently, the Biden administration is pushing for a 30% tax on electricity used by crypto mining firms by 2025, as part of the Fiscal Year 2025 Revenue Proposals.

In stark contrast, Trump is actively engaging with the crypto community. At a recent Libertarian Party convention, he pledged to commute Ross Ulbricht’s sentence and announced acceptance of crypto donations for his campaign. A notable fundraiser featuring the Winklevoss twins raised $12 million for his political battle against Joe Biden.

Trump’s renewed focus on crypto is seen as a strategic move to attract new voters, positioning digital assets as a core component of his platform. This approach diverges significantly from the current administration’s stringent regulatory stance, potentially reshaping public and political perceptions of the crypto industry.

Trump’s backing could have a profound impact on the global crypto economy, influencing investor sentiment and regulatory frameworks worldwide. His support for Bitcoin mining and commitment to the sector could bolster the industry’s growth, positioning the US as a leading hub for crypto innovation and energy-efficient mining practices.

As the political landscape shifts, Trump’s advocacy for crypto could drive broader acceptance and integration of digital assets, fostering a more favorable environment for their development and adoption on a global scale.