During his first term in office, US President Donald Trump decried the utility of bitcoin and other cryptocurrencies, saying their value was based on “thin air”.
But since his campaign for a second term – which put him back in the White House in January – he has taken on a decidedly different tone.
The shift began to take shape during Trump’s 2024 presidential campaign, when he said the US must embrace cryptocurrency to avoid letting China “dominate” the field at a bitcoin conference. The then-nominee of the Republican Party declared he would be a “crypto president”, gaining support from a growing community of enthusiasts and speculators.
“Trump’s ambition to position the US as the global crypto capital isn’t just about economic leadership – it’s also a geopolitical move,” said Matteo Giovannini, a senior finance manager at the Industrial and Commercial Bank of China.
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Is cryptocurrency too risky for China?
Is cryptocurrency too risky for China?
