Fred Thiel, CEO of Marathon (formerly Marathon Digital Holdings), recently shared his insights at the Bitcoin 2024 conference in Nashville.
Thiel addressed the future of Bitcoin mining amid the shifting political landscape of the upcoming 2024 U.S. presidential election.
Thiel highlighted the longstanding challenges Bitcoin faces, such as energy policies and banking regulations. He referred to past government actions like Operation Chokepoint 2.0, which aimed to undermine Bitcoin.
Despite these challenges, Thiel expressed confidence that a Trump administration would be more favourable to Bitcoin mining.
He mentioned, “Under a Trump administration, Bitcoin mining is likely to flourish. On the other hand, we’re uncertain about Harris’s energy policies.”
Thiel also noted that the Democrat Party is gradually becoming more receptive to cryptocurrency. He pointed to the bipartisan support for repealing SAB-121, a regulation ultimately vetoed by President Joe Biden.
On the panel, Jason Les, CEO of Riot Platforms, echoed Thiel’s sentiments, expressing scepticism about potential pro-crypto policies under a Harris administration.
Les emphasized the need for the industry to avoid active government opposition rather than seeking favourable policies.
With President Biden opting out of the 2024 race, Vice President Kamala Harris is expected to be the Democratic frontrunner.
Harris’s stance on cryptocurrency remains unclear, though entrepreneur Mark Cuban suggested she might be more open to the industry than generally believed.
Meanwhile, former President Donald Trump has positioned himself as a strong supporter of cryptocurrency. He has promised to protect Bitcoin mining and prevent the industry from moving offshore.
