Trump and Cryptocurrency

Donald Trump announced on Tuesday his desire for all remaining bitcoins mined in the US, citing the country's potential to dominate the energy sector. In a late-night post on Truth Social, the Republican candidate expressed the view that Bitcoin mining could be the country's last line of defense against a Central Bank Digital Currency (CBDC). As a result of these statements, Bitcoin mining stocks saw significant gains in the markets on Wednesday. TeraWulf surged by almost 20% and settled with a 10% increase during the day. Hut 8 Corp gained 10%, Riot Platforms rose by 6.5%, and CleanSpark saw a rise of over 8.15% by market close. Trump is the first US presidential candidate to accept cryptocurrency payments for his campaign and has shown strong support for cryptocurrencies. On June 11, he met with bitcoin mining companies at Mar-a-Lago and reportedly highlighted the contribution of bitcoin miners to stabilizing the power grid. Trump's self-image as 'the crypto president' has led him to advocate for domestic bitcoin mining, utilizing local resources. Currently, significant Bitcoin mining locations include Central Asia, El Salvador, and some European countries. Bitcoin's price surpassed $69,000 today following a US inflation report showing lower-than-expected figures.