China’s cautious stance on bitcoin should motivate the United States to support the world’s largest cryptocurrency and strengthen its position in the digital asset space, US Vice President JD Vance said on Wednesday.
As the White House works on reforming its crypto policies, Vance stated that bitcoin would be a key strategic asset for the US over the next ten years.
Speaking at the Bitcoin Conference in Las Vegas, Vance praised President Donald Trump’s executive order from March, which established a strategic bitcoin reserve using tokens already held by the government.
China has banned cryptocurrency trading and mining since 2021.
“The People’s Republic of China opposes bitcoin. We should be asking ourselves why that is. If one of our main rivals is turning away from bitcoin, perhaps the United States should be turning towards it,” he said.
Digital assets have seen renewed interest during Trump’s presidency. On the campaign trail, he positioned himself as a “crypto president” and gained support from the cryptocurrency industry.
In his first week in office, Trump launched a cryptocurrency task force to develop rules for digital assets. He also hosted several crypto industry leaders at the White House in March.
Meanwhile, the US Congress is debating laws to regulate stablecoins a type of cryptocurrency tied to the US dollar. The crypto sector has been lobbying lawmakers for clearer rules and spent over $119 million supporting pro-crypto candidates in last year’s elections.
