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Making bitcoin mining stocks great again? Trump calls for US mining dominance
Donald Trump announced Tuesday that he wants all the remaining bitcoins (Bitcoin) 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 feeling that Bitcoin mining could be the country’s last line of defense against a central bank digital currency (CBDC.)
Thanks to these comments, Bitcoin mining stocks had a great day in the markets on Wednesday. TeraWulf (WULF) at one point jumped nearly 20% and settled on intraday gains of 10%. 8 Corps Shelter (HUT) gained 10%, Riot Platforms (REVOLT) gained 6.5% and CleanSpark (CLSK) gained over 8.15% at market close.
Trump and cryptocurrencies
Trump is the first American presidential candidate to do so accept cryptocurrency payments for his campaign, and has openly expressed his support cryptocurrency. On June 11, he met with bitcoin mining companies at Mar-a-Lago and reportedly stressed that bitcoin miners help stabilize the power grid.
Trump’s feeling as “president of cryptocurrencies” led him to push for domestic bitcoin mining, exploiting local resources. Currently, major Bitcoin mining locations include Central Asia, El Salvador, and some European countries.
The price of Bitcoin rose above $69,000 today after Wednesday’s US inflation report showed lower-than-expected figures.