Bitcoin miner stocks rise as Trump calls mining 'last line of defense' against CBDC
Quick Take
- Led by TeraWulf, up nearly 20% at one point, bitcoin miner stocks rose amid former President Donald Trump saying the rest of bitcoin should be mined in the United States.
- The likely Republican nominee also suggested bitcoin mining might be the “last line of defense against” a Central Bank Digital Currency.
A day after former U.S. President Donald Trump attempted to align himself with bitcoin miners and said the rest of the cryptocurrency should be mined in the United States, mining stocks rose on Wednesday.
Led by TeraWulf, which had jumped by nearly 20% at one point, bitcoin mining stocks recovered on Wednesday after the vast majority fell the previous trading day. While the price of bitcoin also rebounded about 5%, it appears Trump's comments may have helped power price gains for the mining stocks.
Trump's comments were posted on Truth Social late Tuesday night.
"VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a [Central Bank Digital Currency]," the post said. "Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!!"
TeraWulf shares rose to a high of $4.13 on Wednesday, according to Yahoo Finance, a gain of 19% on the day when compared to the previous day's close.
As of 12:09 p.m. EST, TeraWulf's shares had declined slightly from the day's current high to trade at $3.96, about 14% higher than Tuesday's closing price. The company's shares are up over 70% over the last month, according to TradingView.
Other mining stock price increases included MicroStrategy, up about 7%, and Hive Digital Technologies up nearly 8%. Iris Energy, which held strong Tuesday amid the sector-wide selloff, was up 3% at the time of publication.
Bitcoin’s price surged above the $69,000 mark following Wednesday’s U.S. inflation report, which came in cooler than expected.
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