Bitcoin mining stocks have experienced a notable surge following former President Donald Trump’s vocal support for domestic mining, suggesting it is a vital defence against Central Bank Digital Currencies (CBDCs).
Trump’s comments, posted on Truth Social, urged that the remaining Bitcoin should be mined within the United States, aligning with his stance against the Biden administration’s cryptocurrency policies.
Leading the rally was TeraWulf, whose shares soared nearly 20% at one point, settling at $3.96 by midday, a 14% increase from the previous day’s close.
Over the past month, TeraWulf’s stock has seen a significant rise of over 70%.
Trump’s statement highlighted his view that Bitcoin mining could serve as a critical barrier against CBDCs, which he believes are supported by foreign adversaries and the current administration.
“VOTE FOR TRUMP! Bitcoin mining may be our last line of defence against a Central Bank Digital Currency,” his post read.
He emphasized the importance of making all remaining Bitcoin “MADE IN THE USA.”
The positive momentum extended beyond TeraWulf. MicroStrategy saw a 7% increase, Hive Digital Technologies rose nearly 8%, and Iris Energy, which had remained resilient during a sector-wide selloff the previous day, was up 3%.
Bitcoin itself also benefited from the wave of optimism, climbing above $69,000 after a U.S. inflation report indicated cooler-than-expected numbers.