US President Donald Trump has expressed concern that China is rapidly expanding its involvement in Bitcoin and other digital assets.
In an interview with CBS correspondent Norah O'Donnell at Mar-a-Lago, President Trump said Beijing's growing influence could threaten America's lead in digital finance and innovation.
“China is very committed to Bitcoin and cryptocurrencies right now,” Trump said, warning that losing ground could undermine America's technological and economic power.
The President further asserted that his administration's policies have established the United States as a world leader in cryptocurrency innovation. He contrasted this accomplishment with what he described as a period of stagnation under President Biden.
Defends pardon of Binance founder CZ
In the same interview, President Trump defended his controversial pardon of Binance co-founder Chao Changpeng (CZ), who pleaded guilty in 2023 to violating US anti-money laundering laws. At the time, prosecutors argued that the violations undermined national security.
President Trump rejected these claims and called the prosecution a politically driven “Biden witch hunt.” He also said Zhao was a “highly respected and successful person” who had been unfairly targeted.
“I didn't know him personally.” Mr. Trump said, “But I thought he was treated very unfairly. He was the victim of a vicious group in the Biden administration.”
Additionally, President Trump admitted that his sons are more involved in the cryptocurrency space than he is. He added that he sees digital assets playing an important role in the U.S. economy.
He also credited his administration for America's current leadership in this field, claiming, “Since I am president, the United States is number one in the cryptocurrency space in the entire world.”
China’s return to the crypto arena
Trump's warning comes as analysts note that China is quietly re-entering the cryptocurrency space despite an earlier ban. As a result, Beijing's increased involvement underscores the urgency for the United States to protect its innovation and financial advantages, he suggested.
He went on to explain that losing that advantage could weaken America's economic position globally, a concern he tied directly to his campaign message centered around technology and growth.
US still leads in Bitcoin holdings
Bitbo data supports President Trump's claims of American primacy. The United States currently holds approximately 198,012 BTC, valued at $21.32 billion. In comparison, China holds 194,000 BTC, worth approximately $20.89 billion. The narrow margin reflects how close the competition is.
“America must stay first.”
President Trump concluded his remarks by reiterating that global leadership in emerging technologies is a top priority.
“We're number one, that's the only thing I care about.” he said. “We don't want China or anyone else to take that away.”
