Markets react positively to Trump’s support for Bitcoin mining, with CleanSpark and Riot Platforms seeing significant gains.
Trump’s commitment to Bitcoin mining sparks optimism among industry leaders, promising potential job creation and energy sector benefits.
Trump pledges to champion U.S. Bitcoin mining, boosting stocks of major miners like TeraWulf and Hut 8.
On June 12, former President Donald Trump met with Bitcoin Magazine CEO David Bailey and several leading U.S. Bitcoin miners, expressing a strong commitment to enhancing Bitcoin mining in the United States. This meeting, held at Trump’s Mar-a-Lago resort, saw Trump promising to champion the Bitcoin mining industry both in Washington D.C. and on a global scale.
JUST IN: Donald Trump met with Bitcoin Magazine CEO and US #Bitcoin miners and committed to supporting mining in DC pic.twitter.com/m4UDjwZ2S7
— Bitcoin Magazine (@BitcoinMagazine) June 12, 2024
Market Reaction to Trump’s Support
The meeting’s outcomes quickly impacted the market, with Bitcoin mining stocks experiencing significant gains on June 13. Among the top performers were TeraWulf (WULF) and Hut 8 Mining (HUT), which saw their stocks rise by 10.5% and 10.07%, respectively.
Other notable increases included CleanSpark (CLSK) and Riot Platforms (RIOT), which rose by 8.15% and 6.5%. Marathon Digital (MARA), despite being the largest Bitcoin miner by market cap, saw a more modest increase of 2.4%.
Industry Perspectives and Promises
During the meeting, Trump articulated his vision for making the U.S. a leader in Bitcoin mining, emphasizing the potential benefits for the nation’s energy sector. “All the remaining Bitcoin to be MADE IN THE USA!!!” Trump posted on June 12, advocating for the country to become “ENERGY DOMINANT.”
Executives from various Bitcoin mining firms attended the meeting, including Jason Les and Brian Morgenstern of Riot Platforms, Matthew Schultz from CleanSpark, and Amanda Fabiano, a board director at TeraWulf. These industry leaders reported positive interactions with Trump and expressed optimism about the future of Bitcoin mining in the U.S.
Year-to-Date Performance and Future Outlook
The year 2024 has been mixed for Bitcoin miners regarding stock performance. CleanSpark and TeraWulf have been standout performers, with year-to-date increases of 58.55% and 66.96%, respectively. In contrast, Marathon Digital has seen a decline of 11.43%, and Riot Platforms has dropped nearly 31%.
The meeting also covered how Bitcoin mining could enhance the electrical grid and create more jobs, aligning with broader economic and infrastructure goals. Trump’s commitment to supporting the sector, if elected president in November, has instilled confidence among investors and industry stakeholders.
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