In his latest attempt to garner support from the cryptocurrency demographic, former President Donald Trump has expressed his support for Bitcoin (CRYPTO: BTC) miners, promising to champion their cause.
What Happened: Trump had a meeting with Bitcoin miners at his Mar-a-Lago resort, Bloomberg reported Tuesday. The participants included Matthew Schultz, executive chairman at crypto mining company CleanSpark Inc. (NASDAQ:CLSK) and Jason Les, CEO and director of Riot Platforms Inc. (NASDAQ:RIOT).
Trump conveyed his appreciation for cryptocurrency and the role of Bitcoin miners in stabilizing the energy supply from the grid. He assured the attendees of his advocacy for them in the White House.
— S Matthew Schultz (@smatthewschultz) June 11, 2024
So. I just ran into a guy that's a huge fan of #bitcoin and LOVES what we're doing at @CleanSpark_Inc in #georgia and #mississippi and #wyoming. pic.twitter.com/ofSXJGWWfn
The meeting took place amidst criticism against crypto miners over concerns like climate change and their impact on local power grids. The crypto industry is rallying behind candidates who are supportive of digital assets, including through donations to the Fairshake political action committee.
Why It Matters: Trump's endorsement of Bitcoin miners comes after he positioned himself as the "crypto president" at a San Francisco fundraiser last week.
The event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, saw Trump raise $12 million while expressing his support for the cryptocurrency industry and criticizing the Democratic Party's attempts to regulate it.
Traders on Polymarket, a cryptocurrency-based prediction platform, are heavily betting on Trump's victory in the 2024 U.S. presidential election. With $166.1 million staked, Trump holds a 56% chance of victory, leading current president Joe Biden by 21 percentage points, according to non-American participants on the platform.
Price Action: Shares of Riot Platforms closed 0.96% higher at $9.99 during Tuesday's regular session, while the CleanSpark stock edged 1.59% higher to close at $15.95, according to data from Benzinga Pro. At the time of writing, Bitcoin was valued at $67,438.14, down 1.52% in the last 24 hours.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.