Trump Says U.S. Must Secure Leading Position In Global Crypto Race Or Risk China’s Takeover

Former U.S. President Donald Trump said in a recent wide-ranging interview that he has pivoted to embracing the crypto industry because it is good for the nation and that the United States should take the lead in crypto before China or any other country.

Trump Wants US In Charge Of Crypto Before China

Speaking to Bloomberg on Tuesday, Donald Trump asserted that crypto is “amazing” and that “it’s not going away.”

Once an outspoken crypto naysayer, Trump said he has since embraced the industry because “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.”

According to the Republican presidential candidate, the U.S. crypto industry has a “good foundation” despite currently being in its infancy. “But I don’t want to be responsible for allowing another country to take over this sphere,” he continued, claiming that if he ignores it, China will become a leader in the industry as the nation is “pretty advanced in that sphere.”

Trump cited that his personal experience with crypto, specifically non-fungible tokens (NFTs), and the massive use of crypto for transactions in the NFT sector, opened his eyes to the potential of the nascent 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 explained.

The ex-president said he had acquired a deeper understanding of the crypto industry through interactions with “top-flight” industry people. In addition, he disclosed that he intends to release a fourth collection of NFTs.

Pro-Crypto Path

Trump’s campaign started accepting crypto donations in May, marking a significant about-face for the presidential candidate who was previously “not a fan” of Bitcoin. A July 16 report from the Wall Street Journal mentioning new information from the Federal Election Commission (FEC) revealed that, of the roughly $330 million raised by Trump’s reelection campaign in the last quarter, approximately $3 million was in cryptocurrencies.

Trump is expected to speak at the Bitcoin 2024 Conference in Nashville next week alongside other prominent figures like Cathie Wood, Robert F. Kennedy Jr., and Michael Saylor.

Earlier this week, the Republican nominee picked Ohio Senator J.D. Vance as his running mate. Vance — a former venture capitalist and Bitcoin holder — is a staunch crypto supporter who has loudly condemned the Securities and Exchange Commission’s (SEC) aggressive treatment of crypto startup DEBTBox.

In tapping Vance as his ​vice ​presidential nominee, Trump has demonstrated that his recent courtship of crypto is not just talk. If he becomes America’s next president, the White House could soon adopt an all-round and deeply-informed pro-crypto agenda.

Trump’s comments come just days after a failed assassination attempt during a rally in Pennsylvania, which pushed his odds of reclaiming the Oval Office in November to an all-time high.