Trump says US must lead in crypto or risk China’s takeover

Key Takeaways

• Donald Trump emphasized the need for the US to lead in the crypto sector.
• He has chosen Ohio Senator JD Vance, known for his crypto-friendly stance, as his vice presidential running mate for the 2024 Republican ticket.

If the US doesn’t lead in crypto, another country, likely China, will, said Donald Trump in an exclusive interview with Bloomberg. With crypto emerging as a global phenomenon, Trump believes it’s essential for the US to be involved in the sector.

“If we don’t do it, China is going to pick it up and China’s going to have it—or somebody else, but most likely China. China’s very much into it,” Trump said when he explained his decision to embrace crypto. “…what I want, again, is what is good for the country.”

It was not the first time Trump advocated for US leadership in the crypto industry. He previously stated that the US “must be the leader in the field, there is no second place.”

The presidential nominee told Bloomberg that his personal experience with crypto, specifically non-fungible tokens (NFTs), and the overwhelming use of crypto for transactions in the NFT space, opened his eyes to the potential of the industry.

“But the thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency,” he added.

Trump said he has developed a deeper understanding of the crypto industry through interactions with industry leaders. In addition, he noted a slight change in Jamie Dimon’s perspective. Dimon has always presented himself as a crypto skeptic.

Surviving a recent assassination attempt , Trump has received full endorsements from Tesla CEO Elon Musk and Tron’s founder Justin Sun. The Winklevoss twins, Kraken’s co-founder Jesse Powell, and ARK Invest CEO Cathie Wood, also voiced support for Trump.

The Republican presidential candidate is expected to speak at the Bitcoin 2024 Conference in Nashville next week, alongside other high-profile figures like Cathie Wood, Robert F. Kennedy Jr., and Michael Saylor.

Trump has picked crypto-friendly Senator JD Vance as his vice presidential running mate for the 2024 Republican ticket. The decision is believed to increase the likelihood of crypto-friendly policies under Trump’s potential leadership, which he has repeatedly advocated for in recent months.