Former US President Donald Trump speaks to the press at the end of the day of his trial for allegedly covering up hush money payments linked to extramarital affairs
The Republican presidential candidate has been turning toward the crypto industry in recent months. AFP

KEY POINTS

  • Trump said mining all the remaining Bitcoins will make the US an "energy dominant" country
  • He said Biden has a "hatred" toward Bitcoin and this attitude helps China and Russia
  • He hosted executives from Riot Platforms and CleanSpark on Tuesday

Former President Donald Trump has expressed his thoughts on mining Bitcoin, the world's largest cryptocurrency by market cap, jabbing his rival and incumbent President Joe Biden along the way.

In a post on his Truth Social account Tuesday, the business magnate said "Bitcoin mining may be our last line of defense against a CBDC," referring to a central bank digital currency (CBDC) that most Republicans believe will infringe on the financial privacy rights of the American public.

He went on to say that he wants "all the remaining Bitcoin to be made in the USA" as he believes such a development will make the United States an "energy dominant" nation.

He also didn't pass the chance to criticize the current President, saying Biden has "hatred" for the world's first decentralized digital asset and such hostility toward the digital currency "only helps China, Russia, and the Radical Communist Left."

Bitcoin maximalist Michael Saylor posted a quote from Trump's Truth Social declaration. Saylor's company, MicroStrategy, is the known largest corporate holder of BTC in the world.

Trump's expression of support for BTC mining came after he hosted some of the crypto mining community's most prominent figures in his Mar-a-Lago estate, FL, Tuesday, including mining giant Riot Platforms CEO Jason Les and the crypto miner's Head of Public Policy Brian Morgenstern.

CleanSpark Executive Chairman Matthew Schultz was also at the event. He said Trump is "a huge fan of Bitcoin" and supposedly "loves" what the mining firm is doing in three different states.

His latest declaration of support for crypto comes as more politicians have been embracing the industry in the lead-up to the November elections. It turns out even Biden, whose administration has been particularly hostile against the sector, has been making a shift toward the industry.

The Democratic leader's campaign has reportedly reached out recently to key players in a bid to obtain their comments on crypto policies. While Biden appears to be choosing the discreet route, Trump has been largely vocal of warming up to the digital assets space.

Trump was quoted as saying during a San Francisco fundraiser last week that he will be "the crypto president." He also reportedly said he will put a stop to the "Biden-Gensler crusade against crypto" once he wins the presidency for a second term.

An industry expert has called the Bitcoin community a "politician's dream population segment," given the speed at which the digital coin is being adopted, especially after the approval of spot Bitcoin exchange-traded funds (ETFs) in January.

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