'China will dominate' if US ignores crypto, warns Trump at Bitcoin 2024 convention
Donald Trump at Bitcoin convention
Republican presidential candidate Donald Trump on Saturday (Jul27) declared that the US must dominate the cryptocurrency sector to prevent China from taking the lead.
In his latest effort to court crypto advocates ahead of the November 5 presidential election, Trump at the Bitcoin 2024 convention in Nashville said,"If we don't embrace crypto and bitcoin technology, China will, other countries will."
Trump, who once dismissed bitcoin as a "scam," positioned himself as the pro-cryptocurrency candidate and said,"They'll dominate, and we cannot let China dominate. They are making too much progress as it is."
Also read |Trump vs Harris: From 'evil' to 'just plain weird' the Republican vs Democrat war of words heat up
He promised to make the US the world's leader in cryptocurrency, with more favourable regulations compared to likely Democratic nominee Vice President Kamala Harris.
China, US and cryptocurrency
)
Dhurandhar 2 OTT Release: Netflix announces ‘Raw & Undekha’ revenge version in US and Canada: What about India?
&im=FitAndFill=(700,400))
‘Automatic cars vs manuals’: Which uses more fuel?
&im=FitAndFill=(700,400))
36,000-pound thrust: 5 ways China's J-20 fighter jet's new engine can completely changes the aerial balance
&im=FitAndFill=(700,400))
From Hum Aapke Hai Kaun to Mrs Deshpande: Watch 8 movies and TV shows of Madhuri Dixit on Netflix, Prime Video and more
)
Sun unleashes M-class solar flare, auroras could light up Earth this week. Details
&im=FitAndFill=(700,400))
7 reasons why China is mass-producing Chengdu J-20 stealth fighter jets faster than ever
&im=FitAndFill=(700,400))
‘Beyond human limits’: The terrifying AI upgrade inside China's J-20 stealth fighter
&im=FitAndFill=(700,400))
‘100+ km/h penalty’: How much extra fuel do cars use at high speeds?
&im=FitAndFill=(700,400))
'Hydraulic Arms': How the USS Abraham Lincoln pops up its emergency net
)
‘I won’t lie for money’: German model LizLaz exposes media plot to defame Virat Kohli
&im=FitAndFill=(700,400))
‘Robotic warfare’: How the Chengdu J-20 can rewrite the rules of aerial combat
)
'Made in Pakistan' fan donated to UP madrasa triggers probe
)
Trump-Xi meet marred by day of altercations: US media and Chinese security officers clash at Temple of Heaven - VIDEO
&im=FitAndFill=(700,400))
Meet top 5 batters in latest ICC T20I rankings 2026 - check who sits at the top
)
India fuel prices hiked: Petrol, diesel prices jump Rs 3 despite govt’s ‘ample stock’ claim | Check city wise prices HERE
&im=FitAndFill=(700,400))
Why defense analysts believe China’s Chengdu J-20 stealth fighter program has entered a dangerous new era
&im=FitAndFill=(700,400))
'Night Vision': Why the USS Abraham Lincoln bans white flashlights on deck
&im=FitAndFill=(700,400))
Top 7 most economically stable countries in world: India & Pakistan ranking will surprise you
)
Jana Nayagan release: CM Vijay takes action, asks producer to return from Cannes
&im=FitAndFill=(700,400))
Why cars use more fuel in city traffic than on highways
)
Cannes Film Festival 2026: Vin Diesel breaks down during ’Fast & Furious’ screening, remembers Paul Walker: 'I'm going to go shed a tear real quick'
&im=FitAndFill=(700,400))
Xi wants China-US to transcend 'Thucydides Trap': What the term means and what are its origins | WION Decodes
&im=FitAndFill=(700,400))
How long can India survive US-Iran war oil shock? A look at our strategic reserves
)
Noida protest accused was transferred Rs 1 crore in foreign currency to his bank account
)
Jana Nayagan on OTT: Vijay’s victory renews interest in his film, streaming platforms compete to get digital rights
)
‘Insane discipline’: Chinese officer goes viral for staying still as Trump’s Air Force One passes by | WATCH
&im=FitAndFill=(700,400))
New Friday OTT releases (May 15, 2026): Kartavya, Inspector Avinash, The WONDERfools- Watch 6 movies and TV shows on Netflix, Prime Video and more
)
'US citizen since....'This is why Diljit Dosanjh can't enter the political world in India!
‘Sinking the carrier’: 5 ways China could use J-20 fighter jets against the US Navy
What is the ideal car speed for maximum fuel savings?
&im=FitAndFill=(700,400))
'Sleep Deprived': How the USS Abraham Lincoln crew survives endless night operations
)
NEET-UG 2026 paper leak originated from 'NTA source', CBI tells court; 2 more arrested
)
Iran FM says Strait of Hormuz open to all vessels except nations 'at war with us'; says Tehran has 'no trust in US'
)
India's Green Mirage: Northeast is quietly losing its forest cover while India celebrates gains
&im=FitAndFill=(700,400))
Indian rupee becomes Asia’s worst-performing currency- Who else is on the list?
&im=FitAndFill=(700,400))
Petrol vs diesel: Which car engine really saves more money in daily driving?
)
Delhi announces mandatory 2-day WFH, suspend all non-essential foreign travel for government employees
&im=FitAndFill=(700,400))
Trump breaks silence on report of Pakistan allowing Iran spy aircraft at Nur Khan base amid mediation talks
Trump highlighted the necessity for the US to establish a stronger foothold in the cryptocurrency sector.He proposed creating a crypto presidential advisory council and a national "stockpile" of bitcoin using cryptocurrency currently held by the US government, mostly seized in law enforcement actions.
"Never sell your bitcoin," Trump urged. "If I am elected, it will be the policy of my administration to keep 100 per cent of all the bitcoin the US government currently holds or acquires into the future."
Watch what he said here:
Trump's advocacy for expanded bitcoin mining by US firms marks a significant shift from his 2021 stance, when he labelled cryptocurrency a "scam."
He also reiterated his intention to commute the sentence of Ross Ulbricht, creator of the Silk Road website, who is serving a life sentence for facilitating illegal trades. This announcement was met with applause and chants of "Free Ross" from the audience.
Global concerns about crypto
Global concerns about privately operated digital currencies include potential risks to financial systems, promotion of financial crime, and harm to investors.
While Trump's stance is likely to appeal to a growing political force of cryptocurrency usethis election cycle, it is unclear how many would prioritise it over other things.
Talking to news agency Reuters, Jack Mallers, CEO of global bitcoin app Strike, praised Trump's proposal to create a strategic bitcoin reserve, calling it an "unbelievable vote of confidence."
Meanwhile, crypto executives are critical of the Securities and Exchange Commission's enforcement actions under President Joe Biden.
Nearly 30 Democratic lawmakers and Congressional candidates have urged the Democratic National Committee and Harris to adopt a forward-looking approach to digital assets. They emphasised the electoral significance of crypto and blockchain technologies in their letter on Saturday.
(With inputs from agencies)
