Former U.S. President Donald Trump has vowed to put an end to what he describes as President Joe Biden’s “war on crypto” should he secure a second term in office. This promise was made during a special address in West Palm Beach, Florida, on June 14, coinciding with Trump’s 78th birthday.
Trump’s commitment to the cryptocurrency sector is clear: “I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America; we’re going to keep it right here, and a lot of it is going to be done right here in Florida,” he declared. This statement underscores his intention to foster a crypto-friendly environment within the United States, particularly in Florida, which has a reputation as one of the most crypto-loving and crypto-friendly states.
This is not the first time Trump has criticized Biden’s approach to cryptocurrencies. According to a report by Cointelegraph, on May 25, Trump took to Truth Social, his own social media platform, to lambaste Biden, accusing him of wanting to see the crypto industry fail. “Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me,” Trump wrote. His strong words reflect a broader strategy to position himself as a pro-crypto candidate ahead of the 2024 presidential race, where he will face off against Biden.
Trump’s vision for crypto was further emphasized during a dinner at Mar-a-Lago on June 11, where Trump met with several Bitcoin miners. As reported by David Pan for Bloomberg News, during this meeting, Trump expressed robust support for the cryptocurrency sector, highlighting the essential role that Bitcoin miners play in stabilizing the energy grid. This perspective was shared by Matthew Schultz, executive chairman at CleanSpark Inc.
Trump’s appreciation for Bitcoin miners was evident during the Mar-a-Lago dinner. According to Schultz, Trump articulated a strong understanding of Bitcoin and its role in the energy sector. This endorsement is significant, especially at a time when the industry is under intense scrutiny for its environmental impact and energy consumption. By positioning himself as an advocate for Bitcoin miners, Trump is appealing to a diverse voter base, leveraging digital assets as a key component of his campaign rhetoric.
Jason Les, CEO and director of Riot Platforms Inc., also attended the Mar-a-Lago event and confirmed the proceedings through a post on X (formerly Twitter).
In his subsequent post on Truth Social, Trump framed Bitcoin mining as a strategic defense against a potential Central Bank Digital Currency (CBDC) under the Biden administration. He argued that Biden’s stance on Bitcoin ultimately benefits adversaries like China and Russia, advocating instead for domestic Bitcoin production to enhance U.S. energy dominance.
Trump’s advocacy for the cryptocurrency sector was further highlighted at a high-profile fundraiser in San Francisco on June 6, according to Alexandra Ulmer’s report for Reuters. Hosted by tech investors David Sacks and Chamath Palihapitiya, the event raised $12 million and saw Trump making a compelling case for his support of the crypto industry. Trevor Traina, a tech executive and former U.S. ambassador, recounted Trump’s declaration of himself as the future “crypto president.” This comes at a critical time for the cryptocurrency sector, which is seeking to influence political figures amid heightened scrutiny following major industry bankruptcies in 2022.
