"We know that the Chinese government does not like Bitcoin.

So we should ask: why? Why are our top opponents so resistant to it?

Since China is moving away from Bitcoin, maybe we in America should move towards Bitcoin.

This is a golden quote from the remarks made by the Vice President at the Bitcoin conference.

His remarks may have opened a new chapter in the US-China Cold War: the crypto-financial war.

Vance keeps dropping golden quotes, such as:

"Bitcoin is a tool against bad policies, regardless of which party's policies"

"Digital assets are a symbol and driving force of personal freedom for Americans."

Here is the full text of the speech:

First, I want to say - please sit down, thank you. Please take your seats.

The Secret Service is a bit nervous because I told them, 'These Bitcoin people really like guns', but they also really like the President and Vice President. So I think we are safe.

I first want to thank David Bailey. Thank you for everything you have done for the Bitcoin community, especially for what you have done for me and the President, helping us from the candidate stage all the way to the White House. In the past 120 days, we have achieved many results, and without your support, we could not have done it.

I also want to thank the Winklevoss brothers - Tyler and Cameron. I must say, they have truly played a role in 'breaking the dam' in Silicon Valley. Remember? Last summer, many people in Silicon Valley would privately say they would support Trump, saying the Democrats had gone too crazy and Gary Gensler had to be ousted.

But at that time, they were still reluctant to speak out. Tyler and Cameron were among the first Silicon Valley celebrities to publicly support Trump.

Then a large number of people followed them and stood up. So, Cameron and Tyler, thank you.

Of course, I also want to thank the Coinbase team and all the organizers for making this amazing conference a reality.

This morning I checked the Bitcoin price at $108,000.

As the Vice President of the United States, it is truly an honor to stand here.
You know, my job allows me to meet a lot of interesting people, but it's been a long time since I've been to such an energetic conference.

I want to say, wow, you partied all night in Las Vegas and still made it here at 9 AM the next morning; that’s truly impressive.

I assure you, I am not saying this to boost popularity for my own meme coin.

But seriously, calling this conference a 'meeting' is not right.

This is not just a conference, but a movement.

I am proud to stand here today with you.

I believe this conference, this movement, is a critical moment in deciding who will determine the future of cryptocurrency in America.

Let’s clarify one thing:

the future will be decided by you, not by bureaucrats without an elected mandate.

You will meet many colleagues from the Trump administration today, David, Bo, Hester - are you all here? It’s great to be with so many friends and allies.

I will only talk about three things today:

First, I want to talk about what the Trump administration has done in terms of crypto policy;

Second, I want to discuss the guiding principles behind our policies;

Third, I want to talk about - why I am confident in cryptocurrency and what it means for the American people.

Many people ask me why I am so optimistic about the future of American innovation.

I've spent enough time in Silicon Valley to distinguish what is 'good technology' - technology that enhances productivity, improves lives, is rooted in reality, and enhances everyday experiences is 'good technology'.

Of course, there is also 'bad technology'.

And when it comes to cryptocurrency, the past few years have clearly proven: this is genuine innovation from the grassroots.

It has already been improving the lives of tens of millions of Americans.

As far as I know, about 50 million Americans currently own Bitcoin.

I believe this number will soon grow to 100 million people.

But this is not just about the price of Bitcoin, nor just about the wealth created through it.

Decentralized finance has fundamentally changed the way Americans transact.

It expands the boundaries of financial services, allowing those who previously could not access bank accounts to gain financial pathways.

And every day I can see new applications of blockchain in different fields:

Whether it's supply chain management, hospital systems, or even the way patient privacy health data is recorded.

But apart from these forward-looking applications, I also see a very conservative but precious side of Bitcoin technology:

It is a hedge tool.

It can hedge against the bad policies coming from Washington - regardless of which party is in power;

It can hedge against losses from inflation - over the past four years, inflation has almost devoured the real savings rate of Americans;

It can also hedge against private enterprises that begin to deprive you of banking services due to beliefs or political stances.

Including those who have been 'debanked' for defending your Second Amendment rights or for previously being involved in the Trump administration.

You all remember, right? The Canadian government ended the truckers' protests in 2022 by freezing accounts.

Within a week, the protests ended.

But perhaps more importantly: I see Bitcoin as a shield against the most dangerous trends of the digital age.

In both the public and private sectors, there is a group of elites who are not innovating, but rather seizing and controlling cutting-edge technologies to manipulate others.

But we all know: this is not the essence of Bitcoin, and it never will be.

And you will ensure it never will be.

But you know, things are different now; there's a 'new sheriff' in town.

After four years of systematic oppression and hostility from Democratic regulators, lawmakers now face a choice:

Are we going to lead the nation towards financial sovereignty, innovation, and prosperity, or let unelected bureaucrats and foreign competitors set the rules for our future?

I want to say loudly and clearly here today, along with President Trump: Cryptocurrency finally has true advocates and allies in the White House.

In the eyes of our government, the potential of the digital asset industry is not just about investment, nor just about cool technology.

It is a symbol and driving force of personal freedom for American citizens.

Every one of you here is a pioneer in the digitization of the American economy.

Therefore, we are doing something unusual in Washington:

We are seriously listening to your voices.

You are solving problems, expanding boundaries, and driving innovation,

You are bringing unprecedented transparency to the business world.

So you also deserve:

Transparent, clear rules, and respect and support from the government,

And not interference and suppression from bureaucrats.

That said, we must take several substantial actions.

The primary task is also the simplest and most clear:

Clean up the wreckage left by the previous administration.

From day one in office, this is what we have been doing.

What our government prioritizes is: eliminating red tape, restrictive rules, and the 'legal war' against the crypto industry.

We have ended the weaponization of regulation against the crypto industry.

In short, Operation Chokepoint 2.0 is dead, and it will never be revived under the Trump administration.

By the way, it’s unbelievable that this matter would cause controversy.

Think about it, destroying an industry with government regulatory power just because you disagree with their views - how can that be reasonable?

So let me make this speech today the obituary for Chokepoint 2.0.

This is my commitment to everyone present:

This administration will never suppress your community or deny your contributions to the economy.

We reject the Biden administration's approach of torturing this industry with regulatory weapons.

We reject the games of those so-called regulators.

Perhaps the most important thing we did for this community is:

We have expelled Gary Gensler and will expel all those like him.

We know that people like Gensler, under the guise of 'protecting consumers', are destroying all efforts for democratized finance.

But all of this is now over.

I am an American born into a working-class family.

I have always believed that America is a country where you can prosper regardless of where you come from or whether you have a diploma.

And in recent years, I can’t think of any other field that embodies this spirit better than the digital assets industry.

Next is the second substantial work we need to do:

We are working to establish a clear, growth-supportive legal framework for stablecoins.

I know we have steadfast allies in Congress, like Cynthia Lummis.

Is she here today? Or has she gone home early?

I was supposed to have dinner with Cynthia last night; we had an event, and I was looking for her everywhere, asking 'Where did she go?'

Someone told me, "She has a dinner engagement."

I said, "I am the Vice President! Unless she is having dinner with the President, there’s no reason Cynthia shouldn’t be here."

But we all love Cynthia; she is indeed one of the strongest supporters of the crypto industry in Congress.

I know that under the leadership of Cynthia and other great legislators, Congress is working hard to push an important piece of legislation through, which is:

(Genius Act - to be delivered to the President's desk as soon as possible.

This is a very important step.

Why?

Because the regulatory uncertainty in the United States over the past few years has pushed too many stablecoin businesses overseas.

Yesterday someone told me:

"If Bitcoin has been able to survive so many headwinds in recent years, wouldn’t it be better if the government could provide some tailwinds behind it?"

That is exactly what our government's goal is.

Once the (Genius Act) legislation is passed, it will greatly promote the widespread use of stablecoins in the United States as a digital payment system, serving millions of Americans.

It will also protect holders and bring more transparency to the market.

I want to emphasize one point:

In the view of this administration, stablecoins do not threaten the integrity of the dollar.

On the contrary:

We believe stablecoins are a force multiplier for America's economic strength.

Dollar-pegged stablecoins - especially after the (Genius Act) passes - will only enhance the U.S. economy and only strengthen the international status of the dollar.

So we are confident that the Senate will quickly push for a clear version of the (Genius Act) legislation,

We also hope the House will follow suit.

And once the bill reaches the President's desk,

President Trump will sign it into law at the first opportunity.

After completing this step, the government will fully advance our third priority:

To establish a transparent, customized regulatory framework for digital assets that supports innovation,

Integrating cryptocurrency into the mainstream economy.

These past few days, I’ve talked with many of you.

While everyone feels excited about the achievements over the past few months, there is also a persistent concern:

It is still not fully accepted in the mainstream economy.

To this, I solemnly promise you:

The reason we push for policy reform is to change all of this.

We want all Americans to know:

Cryptocurrency, digital assets, especially Bitcoin, are already part of the mainstream economy, and they are here to stay.

We believe that from a legislative perspective, the most effective way is:

To introduce a market structure bill,

it is not meant to limit the value of Bitcoin and digital assets,

but to support the extraordinary potential they represent.

Now, with the cooperation of this Congress and this administration,

we are facing a once-in-a-lifetime opportunity,

to leverage innovation to improve the lives of thousands of Americans.

But if we do not establish clear regulatory directions now,

we might hand over this $3 trillion industry to more crypto-friendly countries.

President Trump will do everything in his power to prevent this from happening.

Think about it:

If we lock in a set of smart, innovation-supporting policy rules today,

we can also prevent any future party from waging war on the crypto community again.

I know I have gone over time, but before I return to Washington,

please allow me to give you three more pieces of advice or directions for thought, sharing my observations about this industry.

This is just a political figure's perspective,

It's up to you to judge whether it's worth a Bitcoin.

First point:

I still remember when I first ran for the Senate in 2022,

I was one of the very few candidates who truly held Bitcoin at that time. Today I still hold a fair amount of Bitcoin.

Think about it, that was in 2021 and 2022.

Although it feels like a lifetime ago, it was only four years ago.

At that time, like many Bitcoin supporters,

I saw the regulatory disaster of the Biden administration and Gary Gensler.

But I am very frustrated that:

At that time, the entire crypto industry had hardly organized to resist them on a political level.

And what I want to say is:

The reason I can stand here today,

is because you stepped up and began participating in American politics.

Bernie Moreno defeated Sherrod Brown in the Senate election,

I thank you for your participation.

But please take a lesson from this experience:

If you do not engage in politics,

Politics will ignore you, or even hurt you.

You took an important step in 2024.

But I want to remind you: every victory is a temporary victory.

A friend of mine in Silicon Valley once told me:

"The Bitcoin community believes in 'exit the system', while the AI community believes in 'change the system'."

And what I see is that in 2024, many friends from the crypto community choose to 'change the system'.

You chose to speak up, chose to participate in politics.

I believe you have changed the trajectory of the nation.

But you must continue to choose to speak up.

Bitcoin, known as 'digital gold.'

But Bitcoin is digital, and you are not.

Things happening in the political and bureaucratic system,

Even the most valuable and disruptive technologies,

If we make the wrong decisions today, we won't be spared from the impact.

So my first piece of advice for you is:

Take the drive you have to participate in politics in 2024,

Carry it all the way to 2026, and even further into the future.

Do not ignore politics.

Because I assure you:

Politics will never ignore your community.

The second piece of advice:

We must think strategically about the future role of Bitcoin.

Currently, about 50 million Americans hold Bitcoin,

Many have become wealthy as a result, creating their own fortunes, which is a good thing.

But I think the next stage for Bitcoin is:

Become a national strategic asset for the next decade in America.

That is also why - under the push of President Trump,

and with the help of our outstanding AI advisor David Sacks,

we established the National Bitcoin Reserve.

We want to push for this to make Bitcoin a strategic tool for the U.S. government.

We know China does not like Bitcoin.

The Chinese government is explicitly against it.

So we should ask ourselves:

Why are our biggest opponents so hostile to Bitcoin?

If the Chinese Communist Party is moving away from Bitcoin,

then the United States should more firmly embrace Bitcoin.

That is exactly what we are going to do next.

But this is not just about a Vice President speaking to you on stage.

Whether Bitcoin can truly integrate into national strategy must be a two-way dialogue.

That is why I constantly emphasize: you must engage in politics.

You must continue to provide us feedback, telling us how Bitcoin contributes to the long-term strategic development of the United States.

I know that the Bitcoin Policy Institute is researching this direction, but each of you should be part of this dialogue.

Because none of us want to wake up in 10 years and find the country has become poorer and less free due to today's wrong decisions.

We will make the right decisions,

But the premise is - you must participate in this decision-making.

So, the third piece of advice:

You may have heard a saying:

"Cryptocurrency is essentially conservative or right-leaning technology, and artificial intelligence is essentially left-leaning or centralized technology."

I admit this statement may be somewhat generalizing, but it does have a point.

I haven't been involved in the daily operations of tech companies for four years since I entered politics.

But I noticed a phenomenon:

Many smart right-leaning tech talents are attracted to Bitcoin,

While many smart left-leaning tech talents are engaged in AI.

This is certainly a rough classification, but it reveals a cultural tendency.

I want to remind everyone that:

The outcomes of AI development will inevitably affect Bitcoin;

And the fate of Bitcoin will, in turn, affect AI.

So, while this is the Bitcoin conference,

We are all proud of the achievements of the Bitcoin community over the past decade,

But my last piece of advice is:

You must pay attention to developments in the field of artificial intelligence and actively participate.

I do not want the development of AI to negatively impact Bitcoin.

More importantly:

I do not want the development of AI to negatively affect American national interests.

And the best way to ensure that smart, visionary people participate in this AI dialogue is:

Let the Bitcoin community also be part of the AI dialogue.

This administration has committed to making this happen.

I also hope you will dive into it with us.

Finally, I want to say:

In the coming years, we have done a lot for this industry, but we have even grander plans.

For this industry, and for the Americans who depend on it, we need everyone:

To provide help, offer advice, and stay engaged,

And when needed, apply political pressure.

So this week you should fully enjoy the conference.

But please continue to speak up, continue to apply pressure, and together we will achieve great things:

Not just for this industry,

but also for personal freedom, for the future of the United States of America.

God bless you,

Thank you for having me here.