U.S. President Donald Trump stated: “I strongly support cryptocurrencies because otherwise, China will dominate them.”
U.S. President Donald Trump reiterated his support for the cryptocurrency sector, emphasizing that it represents a foundational pillar within his broader strategy to counter China's dominance over emerging technologies, viewing it as a crucial area that must be preserved to ensure America's superiority and prevent China from exerting influence over it.
Trump said Sunday evening while returning to the White House from Palm Beach, Florida: “I support cryptocurrencies, and therefore I aim to distance them from Chinese influence.” Trump's statements come amid escalating competition between the United States and China, particularly in the fields of artificial intelligence, blockchain technology, and other technological innovations.
JUST IN: President Trump says, "I want crypto. Crypto is important because if we don’t do it, China will."
pic.twitter.com/oO2kPjjicy
— Bitcoin Magazine (@BitcoinMagazine) May 4, 2025
Trump criticizes the possibility of China dominating the cryptocurrency market.
Trump clarified that cryptocurrencies are “a completely new phenomenon that emerged—not long ago,” pointing to the rapid growth witnessed in this sector. He also expressed concern that China's growing influence in technology could expand to include cryptocurrencies unless the United States takes effective steps to counter this trend.
He warned, saying: “I am a strong supporter of cryptocurrencies, otherwise China will take over.”
Trump's team at the Securities and Exchange Commission intends to ease regulations in the crypto sector.
In January, under Trump's direction, the Securities and Exchange Commission (SEC) established a task force focused on cryptocurrencies aimed at easing regulatory restrictions imposed on this field, and this step was part of broader efforts to enhance growth and innovation within this sector.
Additionally, Trump appointed former PayPal (NASDAQ:PYPL) COO David Sacks to a leadership position titled “Crypto and AI Officer,” a pivotal role aimed at developing a comprehensive and clear regulatory framework that industry stakeholders have long called for.
On the other hand, China's increasing interest in cryptocurrencies—especially the state-backed digital yuan—has raised growing concerns among decision-makers in Washington, as experts believe that Beijing's rapid efforts in the crypto space could give it unprecedented control over global financial systems.
From this perspective, Trump's support for cryptocurrencies has become a symbol of resistance to Chinese ambitions, as his statements reflect broader concerns about China's pursuit of dominance in vital sectors of the global economy. Trump has long criticized Beijing's expansionist policies in areas such as artificial intelligence and fifth-generation network technology, and now cryptocurrencies.