Make bitcoin mining stocks great again? Trump calls for US mining dominance

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 had a great day in the markets on Wednesday. TeraWulf (WULF) jumped by nearly 20% at one point and settled into 10% intraday gains. Hut 8 Corp (HUT) gained 10%, Riot Platforms (RIOT) gained 6.5%, and CleanSpark (CLSK) gained over 8.15% by market close. 

Trump and crypto

Trump is the first U.S. presidential candidate to accept cryptocurrency payments for his campaign, and he’s been vocal about his support for crypto. On June 11, he met with bitcoin mining firms at Mar-a-Lago and reportedly emphasized that bitcoin miners contribute to stabilizing the electricity grid.

Trump’s sentiment as “the crypto president” has led him to push for domestic bitcoin mining, leveraging local resources. Currently, prominent Bitcoin mining locations include Central Asia, El Salvador, and some European countries. 

Bitcoin’s price surged past $69,000 today after a U.S. inflation report on Wednesday showed lower-than-expected figures.