The proclamation comes after the former president convened a working group of the country's top bitcoin miners on Tuesday in Mar-a-Lago.
The intimate gathering brought together a coalition of some of the biggest private and public American miners in the business, including representatives from "It's such an easy issue for politicians," in part because there is "no major ask that we have to change the rules or anything else," Les, who runs a bitcoin mining company with a market cap of about $3 billion, told CNBC.
Less than three hours after Trump's roundtable wrapped, the former president took to social media to extol the virtues of the bitcoin mining business. Bitcoin is seen by many in the industry as the antithesis of a CBDC because it is a censorship-resistant and borderless currency that is not centrally issued, nor constrained by geographic or governmental boundaries. Trump wrote that bitcoin mining may be the "last line of defense against a CBDC."
Bitcoin has also seen its place as an asset class solidified in the traditional financial markets through the adoption of spot bitcoin exchange-traded funds. Since launching in January in the U.S., these funds have collectively brought in roughly $60 billion in assets under management as institutions and an entirely new set of investors gain exposure to the digital asset class for the first time.
CNBC spoke to half a dozen miners who were at the meeting, all of whom converged on the same conclusion; that Trump understood how bitcoin mining complements some of the bigger macro challenges that the U.S. has as a country, most notably the imminent need for the rapid buildout of energy production and transmission infrastructure amid the booming interest in generative AI technologies.
Marathon's Browder says that a lot of the places where they mine bitcoin are in rural areas of the United States that have been left behind, whether it was a town once known for its coal plants, or factories that have shuttered altogether. "I think we can about double the amount of power generation in the U.S., which would, by my estimate, add two to three percent to GDP and create close to a million jobs," continued Cook."He's been speaking more about energy independence, jobs, and technology," Marathon Digital's Browder said of Trump. "I think it's the broader context of what's happening around the world with the power competition between the U.S. and China.
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