Donald Trump announced on Tuesday that he wants all remaining bitcoin (BTC) 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 sentiment that Bitcoin mining may be the country’s last line of defense against a Central Bank Digital Currency (CBDC).
Due to these comments, Bitcoin mining stocks surged on Wednesday. TeraWulf jumped nearly 20% and settled into 10% intraday gains. Hut 8 Corp gained 10%, Riot Platforms gained 6.5%, and CleanSpark gained over 8.15% by market close.
Trump is the first U.S. presidential candidate to accept cryptocurrency payments for his campaign and has been vocal about his support for crypto. On June 11, he met with bitcoin mining firms at Mar-a-Lago and emphasized that bitcoin miners contribute to stabilizing the electricity grid.
Bitcoin’s price surged past $69,000 today after a U.S. inflation report on Wednesday showed lower-than-expected figures. Prominent Bitcoin mining locations currently include Central Asia, El Salvador, and some European countries.
Trump’s push for domestic bitcoin mining highlights its strategic importance for the U.S. in leveraging local resources and stabilizing the electricity grid.
