Trump wants the US to rule the Bitcoin mining industry

US President Donald Trump stated that he wanted all upcoming Bitcoin mining to happen in the US after meeting with significant industry figures. On June 12, Trump met with Riot Platforms CEO Jason Les and corporate head of public policy Brian Morgenstern.

Following that, Trump used Truth Social to express his backing for American mining companies: For an inside look at Trump’s Bitcoin enlightenment, Cointelegraph spoke with Greg Beard who is the CEO of Stronghold Digital Mining and a former Apollo head of energy.

Beard declared, “The United States is and should be a leader in securing and promoting Bitcoin as a substitute for the steadily declining values of sovereign-backed currencies.”

Moreover, Beard thinks that Trump and U.S. President Joe Biden need to stand in support of Bitcoin. The Biden team is working behind the scenes to enable cryptocurrency donations in the near future, even though they haven’t been as outspoken in their support thus far.

Bitcoin community divided over Trump’s Support

The Bitcoin community reacted positively to Trump’s stance on X. When it came to the long-term effects of backing Trump, Jan3 CEO Samson Mow was one of the most bullish.

Erik Voorhees, the founder of Shapeshift, advised Shin who is the host of the Unchained Podcast. not to get caught up in the specifics of what Trump stated. Voorhees called Trump’s remarks “nonsense” and said they demonstrated “a lack of understanding of both Bitcoin and economics in general.”

Ultimately, though, Voorhees declared, “It’s great that such a statement means a welcoming environment for Bitcoin generally in the U.S.”Trump’s support for Bitcoin mining in the United States runs counter to a Kerrisdale Capital analysis that criticized the sector. According to the research released at the beginning of the month, Kerrisdale Capital considers bitcoin mining one of the worst business models for a publicly traded firm.

The chief investment officer at Kerrisdale Capital, Sahm Adrangi, believes that the United States should look outside of Bitcoin for a cryptocurrency to foster. Adrangi specifically brought up issues with the sustainability and power usage of Bitcoin mining. Kerrisdale Capital is a short seller of Riot Platforms shares, one of the biggest mining companies in the US. Adrangi contacted state legislators as part of Kerrisdale’s vigorous campaign against Riot, urging them to oppose preferential treatment including tax benefits.

Adrangi was trying to get state lawmakers to listen to him, but Riot had bigger goals. Beard told Cointelegraph that legislators are beginning to see the possibilities of the sector at all levels.