- Trump says his administration will strengthen U.S. crypto leadership through tax clarity and mining investment.
- China’s 2021 ban pushed Bitcoin miners abroad, making the U.S. the world’s top Bitcoin mining hub.
- Hong Kong expands crypto access under Chinese oversight, contrasting Beijing’s continued restrictions on trading.
U.S. President Donald Trump has declared that he will not allow China to surpass the United States in cryptocurrency dominance. Speaking in an interview with CBS on Sunday, Trump emphasized that crypto has become a “massive industry” and a central part of his economic agenda.
He said his administration aims to ensure the U.S. maintains its leading position, linking digital asset growth to national competitiveness. “I want to make crypto great for America,” Trump said. “I don’t want China or anybody else to take it away.” His comments followed a meeting with Chinese President Xi Jinping last Thursday, part of broader trade discussions closely monitored by global markets.
Trump Ties Crypto to U.S. Economic Strategy
Trump emphasized his stance that leadership in crypto is crucial to maintaining America’s economic edge. He said his administration supports digital assets “very openly,” contrasting it with former President Joe Biden’s earlier opposition.
According to Trump, Biden only shifted his position when crypto voters began favoring his campaign. Trump’s policy agenda includes simplifying tax treatment for crypto transactions, clarifying stablecoin regulations, and drawing more mining investment into the country.
These efforts, he said, aim to solidify the U.S. as the global hub for digital-asset innovation and infrastructure. However, Trump’s remarks come as China’s official position on cryptocurrencies remains unchanged.
Beijing has banned all private trading and mining activities since 2021. The People’s Bank of China formally declared digital-asset trading illegal in September that year, prohibiting even offshore entities from offering such services to Chinese citizens.
China’s Crypto Restrictions
Before the nationwide crackdown, China accounted for over 70% of global Bitcoin hashrate, according to the Cambridge Centre for Alternative Finance. That dominance collapsed after 2021, as miners relocated to the United States and other regions.
This migration transformed America into the world’s top Bitcoin mining hub, a development that aligns with Trump’s claims of U.S. leadership. Still, new signals are emerging from within China’s sphere of influence. Hong Kong, operating under its own financial system, has moved to expand access to digital assets.
On Monday, regulators in the city allowed licensed trading platforms to list new tokens and stablecoins while connecting directly with global exchanges. The decision coincided with Hong Kong’s 10th FinTech Week, highlighting its ambition to serve as Asia’s crypto gateway.
Digital Currencies and the U.S.-China Competition
While China continues promoting its state-backed digital yuan, the United States remains focused on market-driven crypto development. Beijing’s efforts center on building the digital yuan ecosystem, yet adoption has remained limited.
Meanwhile, stablecoins pegged to the U.S. dollar have strengthened America’s position in global digital payments. According to SWIFT data, the dollar accounted for nearly half of global transactions in September, compared with the yuan’s 3.17% share.
Despite its ban, China still ranks third globally in Bitcoin mining activity, behind the U.S. and Russia. Forbes estimates that Trump personally holds about $870 million in Bitcoin, underscoring his close association with the industry he now seeks to protect.
