- Donald Trump wants all remaining Bitcoin to be ‘made in the USA’.
- Bitcoin’s Miner Reserve was at its lowest level since February 2010.
In a after on the social media platform Truth Social, Republican presidential candidate Donald Trump said on June 11 that he wanted all the remaining Bitcoin [BTC] are,
“MADE IN THE USA!!!”
According to the presidential candidate, this would help the country remain ‘energy dominant’.
Trump made that post after meeting with executives from Bitcoin mining companies, including CleanSpark Inc., Riot Blockchain and Galaxy Digital, at his Mar-a-Lago in Florida.
His recent post on Truth Social is part of his recent pro-crypto campaign.
In May, the Trump campaign launched a fundraising page that will give “any federally permitted donor the opportunity to give” crypto assets accepted through Coinbase to his presidential bid.
In the same month, Trump turned to the Truth stands that the United States should strive to be the leader in the cryptocurrency industry.
Trump’s recent efforts are in marked contrast to those of President Joe Biden, who appears to have taken a tough stance on the industry.
For example in 2025 budget proposal, the president proposed a 30% tax on electricity used for Bitcoin mining and other regulations aimed at the cryptocurrency industry.
Following Trump’s post, Bitcoin mining stocks rose by double digits.
Among the top 10 largest Bitcoin miners by market cap, TeraWulf (WULF) and Hut 8 Mining (HUT) have seen their values rise by 11% and 10% over the past 24 hours, according to Google Finance.
Bitcoin Miner Reserve continues to crater
Since the conclusion of the fourth halving on April 14, Bitcoin’s Miner Reserve has fallen. With 1.81 million BTC at the time of writing, the number of coins in the wallets of affiliated miners has been reduced by 0.33%.
According to CryptoQuant’s According to data, at the time of writing, the Bitcoin Miner Reserve had the lowest number of coins since 2010.
Source: CryptoQuant
When the Miner Reserve decreases in this way, it suggests that many miners on the Bitcoin network are using their coins to make profits or settle mining fees.
Furthermore, after rising to a year-to-date high of 118,627 on March 30, miners’ deposit transactions on the Bitcoin network have since plummeted.
Read Bitcoin’s [BTC] Price forecast 2024-2025
This metric tracks the total number of coin deposits made into miners’ wallets.
When it drops, it means BTC miners are buying fewer coins.