Washington, July 6 (SocialNews.XYZ) US President Donald Trump on Monday strongly defended his administration's embrace of cryptocurrency, arguing that the United States must remain the global leader in the sector or risk allowing China to dominate a rapidly expanding industry.
Speaking during a White House event launching the "Trump Accounts" investment programme, Trump said his views on cryptocurrency had evolved over time and that digital assets had become a strategic priority for the United States.
"I'm a big crypto guy," Trump said. "I've become a big crypto guy only for one reason. If we don't have it, China's going to have it."
The President said he had initially been sceptical about digital currencies during his first term but changed his position after seeing the industry's rapid growth.
"I wasn't initially," he said. "I didn't know much about it. But I'd watch and I watched it grow. It's a huge industry."
Trump said his administration had positioned the United States at the forefront of cryptocurrency innovation.
"We've taken over crypto," he said, adding that China had previously been preparing "to make a heavy move on it".
Asked whether Bitcoin could eventually become part of the newly launched Trump Accounts, Trump did not announce any specific plans but suggested that future developments were possible.
"I think something could happen in that regard too with a contribution to the people of our country," he said.
Trump also used the occasion to criticise the previous administration's handling of the cryptocurrency sector, accusing it of attempting to suppress innovation.
"Biden was totally against it," Trump said. "He had no idea what crypto is."
He alleged that regulators under the previous administration had "weaponised" the government against the industry.
"They were putting people in jail," Trump said. "They were trying to destroy the industry."
According to Trump, the previous administration later reversed course after recognising the political influence of cryptocurrency investors.
"When I went very much for it... all of a sudden they became totally pro crypto," he said. "They dropped all investigations of everybody."
The President linked the future of cryptocurrency to broader competition with China, drawing parallels with the race to dominate Artificial Intelligence (AI).
"If we let our guard down on AI... and crypto's the same thing... China would do it in a minute," he said.
Trump also said AI and cryptocurrency represented major growth sectors that would shape the future of the US economy, while stressing that AI would require safeguards even as innovation accelerated.
"But it's a massive industry," he said. "It's going to be used for good."
Concluding his remarks on digital assets, Trump reiterated that his support for cryptocurrency was rooted in economic competition rather than personal interest.
"To me, crypto is very powerful," he said. "A lot of people are using it... and if we didn't do it, China would do it."
Source: IANS
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