Key Points
- Donald Trump has expressed his desire for all remaining Bitcoin to be “made in the USA”.
- Bitcoin’s Miner Reserve is at its lowest since February 2010.
Donald Trump, the Republican presidential candidate, voiced his support for Bitcoin on social media platform Truth Social on June 11th. He stated his wish for all remaining Bitcoin [BTC] to be “made in the USA”.
Trump’s Pro-Crypto Campaign
The presidential hopeful believes this move would help the US remain “energy dominant”. This statement was made after he had discussions with executives from Bitcoin mining companies like CleanSpark Inc., Riot Blockchain, and Galaxy Digital at his Florida Mar-a-Lago.
Trump’s recent pro-crypto activities include launching a fundraising page in May that accepts crypto assets through Coinbase for his presidential bid. He also expressed on Truth Social that the US should aim to be a leader in the cryptocurrency industry.
Contrasting Views
These actions sharply contrast with President Joe Biden’s approach towards the cryptocurrency industry. Biden’s 2025 budget proposal suggests a 30% tax on electricity used for Bitcoin mining and other regulations targeting the industry.
Following Trump’s post, Bitcoin mining stocks have seen a significant rise. TeraWulf (WULF) and Hut 8 Mining (HUT), two of the top 10 largest Bitcoin miners by market capitalization, have seen their values rise by 11% and 10% respectively in the past 24 hours.
Bitcoin Miner Reserve Drops
Since the fourth halving event concluded on April 14th, Bitcoin’s Miner Reserve has decreased. Currently, the number of coins held in miners’ wallets is 1.81 million BTC, a reduction of 0.33%. According to CryptoQuant’s data, this is the lowest number of coins held since 2010.
A declining Miner Reserve indicates that many Bitcoin network miners are selling their coins for profit or to cover mining costs. Furthermore, Miner Deposit Transactions on the Bitcoin network have dropped significantly after reaching a year-to-date high of 118,627 on March 30th.
This metric measures the total number of coin deposits made to miners’ wallets. A decrease in this number implies that BTC miners are buying fewer coins.
