Trump Says America Is Beating China in the Crypto Sector

President Donald Trump suggests that America’s pro-crypto stance is already yielding positive results, declaring the U.S. dominance over China in the crypto space. It’s well known that the U.S. and China have been embroiled in a heated tariff war for months. This trade war escalated in April, with the United States imposing a 145% tariff on Chinese goods. Notably, China reciprocated and slammed a 125% tariff on goods imported from the United States.  In the meantime, both countries have reached an agreement, with China’s tariff dropping to 10% while the U.S. lowered its own to 30%.  US Winning in China in Crypto  When it seemed like the trade tension between the countries was fading, Trump recently declared that the United States is winning against China in crypto. Popular financial market reporter Walter Bloomberg shared an excerpt of Trump’s comment in a tweet today. “We are winning China in the crypto sector,’ Trump remarked.  https://twitter.com/DeItaone/status/1922605675386929498 His comment portrays the United States and China as rivals in the race to dominate the crypto industry. Before his reelection, Trump had been committed to helping the United States dominate the sector. In his view , America should be the crypto capital of the world. Crypto Mining  Last month, U.S. Secretary of Commerce Howard Lutnick disclosed that Trump’s administration is dedicated to supporting Bitcoin mining companies through the Investment Accelerator initiative.  He revealed miners can run their operations off-grid by building power plants that run on waste gas instead of relying on local utilities. According to him, these power plants can be sited near where miners intend to run their data mining centers.  In contrast, China has taken a more restrictive approach. In 2021, it launched a sweeping crackdown on crypto mining, and since then, it has not openly embraced the industry to the extent seen in the United States. Meanwhile, underground mining activities continue to thrive in China. Regulation  China has continued to be strict against crypto assets, prohibiting their use in payments and investment. However, the U.S. is pushing to establish clear crypto regulation as part of its efforts to foster innovation in the space.  Through his family-backed crypto project World Liberty Financial, Trump has even invested in multiple cryptocurrencies, including Bitcoin and Ethereum. Interestingly, his son Eric Trump recently disclosed that the president himself owns lots of BTC tokens. Bitcoin Holdings  China still holds about 194,000 Bitcoin in its blockchain wallets despite its strict stance. However, China’s Bitcoin holdings are still less than the United States’ 198,012 BTC, which it acquired through civil and criminal forfeitures.  Trump Says He’s a Big Fan of Crypto  Meanwhile, Trump reiterated his support for crypto, emphasizing that he is a big fan of digital assets. This is evident in the numerous supports he has given the industry since the beginning of his administration.  Trump has solidly backed the industry by appointing several pro-crypto officials to his cabinet and advocating for clear crypto regulation. Interestingly, he issued an executive order to set up a national crypto reserve in the United States for top assets like Bitcoin and Ethereum. Through these efforts, the US hopes to maintain its leadership in the cryptocurrency sector.