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Bitcoin Mining Firms Witness 10% Stock Price Rally as Trump Promises Support

Summary:
US presidential candidate and former US president Donald Trump is using crypto as a focal point of his current campaign – a twist from his previous term in which he called Bitcoin a scam. Now, he looks to make the US the center of crypto innovation and be the ‘crypto president’. In his latest move, he urged to make the US the most robust Bitcoin mining jurisdiction. His post on Truth Social read, “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” These words represented his sentiments in a meeting among executives from the country’s top mining companies at his Mar-a-Lago residence in Palm Beach, Florida. The approval from the 2024 presidential candidate sent stock prices of mining firms soaring on June 12 as TeraWulf (WULF) and Hut 8 Mining

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US presidential candidate and former US president Donald Trump is using crypto as a focal point of his current campaign – a twist from his previous term in which he called Bitcoin a scam. Now, he looks to make the US the center of crypto innovation and be the ‘crypto president’.

In his latest move, he urged to make the US the most robust Bitcoin mining jurisdiction. His post on Truth Social read, “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” These words represented his sentiments in a meeting among executives from the country’s top mining companies at his Mar-a-Lago residence in Palm Beach, Florida.

The approval from the 2024 presidential candidate sent stock prices of mining firms soaring on June 12 as TeraWulf (WULF) and Hut 8 Mining (HUT) registered the largest gains. They recorded 10.5% and 10.07% respectively. Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) followed with their respective gains of 9.87%, 9.72%, and 8.94%. Surprisingly, the largest mining firm by market cap, Marathon Digital, failed to surge as much as its counterparts, recording just 2.4% gains.

The Bitcoin mining industry exhibits a market cap of over $27 billion, at press time. With immense potential to grow even further as Bitcoin witnesses increasing adoption every year, Trump’s meeting with mining executives can produce fruitful results that push the industry further. In the meeting, Trump claimed that mining would strengthen the US electrical grid and add more jobs.

With the election nearing, Trump’s pro-Bitcoin and crypto stance is turning many in his favor, from Silicon Valley VC and startup evangelists to retail users. The popularity of Bitcoin is rising in the US, as one in four Americans holds some amount of it. Trump’s alignment with the crypto industry’s development can make it easier for businesses to flourish and broaden interest in the asset class among institutional and retail investors.

Image by WorldSpectrum from Pixabay

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