US President Donald Trump on Monday, 6 July mounted a forceful defence of his administration's embrace of cryptocurrency at a White House event, arguing that the United States must retain global leadership in digital assets or risk ceding ground to China in what he described as a strategically vital and rapidly expanding industry.

Trump's Crypto Pivot

Speaking at the launch of the Trump Accounts investment programme, Trump acknowledged that his position on cryptocurrency had shifted considerably since his first term. “I’m a big crypto guy,” he said. “I’ve become a big crypto guy only for one reason. If we don’t have it, China’s going to have it.”

Trump said he had initially been sceptical of digital currencies, admitting he “didn’t know much about it,” but changed course after observing the industry’s rapid growth. “I’d watch and I watched it grow. It’s a huge industry,” he said.

China as the Strategic Threat

The President repeatedly framed US crypto leadership in geopolitical terms, drawing a direct parallel 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 claimed his administration had already moved decisively, asserting, “We’ve taken over crypto,” and alleging that China had previously been preparing “to make a heavy move on it.”

This comes amid a broader US-China technology rivalry that has already produced sweeping restrictions on semiconductor exports and AI chip sales. Crypto, Trump signalled, is now part of that same competitive calculus.

Attacks on the Biden Administration

Trump used the occasion to sharply criticise his predecessor’s handling of the sector, accusing the previous administration of attempting to suppress the industry. “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 cryptocurrency businesses. “They were putting people in jail,” Trump said. “They were trying to destroy the industry.” He further claimed the previous administration reversed course only after recognising the political influence of crypto investors, dropping investigations once the electoral calculus shifted.

Bitcoin in Trump Accounts: A Door Left Open

When asked whether Bitcoin could eventually be incorporated into the newly launched Trump Accounts, the President stopped short of making a specific commitment but left the possibility open. “I think something could happen in that regard too with a contribution to the people of our country,” he said.

Notably, the Trump Accounts programme itself represents a significant policy vehicle, and any future inclusion of digital assets would mark a landmark shift in how the US government approaches retail investment in cryptocurrency.

AI, Crypto, and the Economy

Trump also positioned both AI and cryptocurrency as major growth engines for the US economy, while acknowledging that AI would require safeguards even as innovation accelerated. “It’s going to be used for good,” he said of AI. Concluding his remarks on digital assets, Trump reiterated that his support was rooted in economic competition rather than personal interest. “To me, crypto is very powerful. A lot of people are using it… and if we didn’t do it, China would do it.”