Republican presidential candidate Donald Trump told a bitcoin conference on Saturday that the U.S. must dominate the sector or risk China taking the lead. Speaking at the Bitcoin 2024 convention in Nashville, Trump positioned himself as the pro-cryptocurrency candidate ahead of the November 5th presidential election. He promised to make the U.S. the world’s cryptocurrency leader with friendlier regulations than those proposed by Democrats.
“If we don’t embrace crypto and bitcoin technology, China will,” Trump said. He also proposed establishing a crypto presidential advisory council and creating a national “stockpile” of bitcoin from government seizures. Trump, who once called cryptocurrency a “scam,” now advocates for expanded bitcoin mining by U.S. firms. The price of bitcoin initially dropped after his speech but rebounded to $68,182. Trump also reiterated his intention to commute the sentence of Ross Ulbricht, founder of Silk Road.