Key Takeaways:
- In his speech at the America Business Forum in Miami, President Trump urged business leaders and policymakers to support his administration’s efforts to make the U.S. a global leader in crypto and AI.
- He warned that if America does not act decisively, it risks losing out to China and other nations that are actively developing their crypto industry.
- Since returning to the White House, Trump has declared Bitcoin a strategic reserve asset, established a national crypto stockpile, and signed the GENIUS Act for stablecoins into law. He also pardoned key crypto figures, such as Ross Ulbricht, Changpeng Zhao, and Arthur Hayes.
- As of December 2024, the U.S. government holds 198,012 BTC, valued at upwards of $20 billion.
U.S. President Donald Trump has called for the country to become a world leader in Bitcoin, crypto, and artificial intelligence (AI). His remarks came during a speech at the America Business Forum in Miami on Wednesday, November 5.
Speaking to an audience of business leaders, Trump said that his administration is reversing the federal government’s “war on crypto” through executive orders. “Crypto was under siege. It’s not under siege anymore,” he said.
The President emphasized crypto’s size and reach, noting that many top business figures at the venue are actively in the industry. He also argued that the crypto assets help ease the pressure on the U.S. dollar, and do a “lot of good things” like supporting America’s financial strength.
President Trump Wants the U.S. to Become a Global Leader in Crypto, Warns of China’s Efforts to Dominate the Industry
Trump framed crypto as part of a global race, warning that if the U.S. does not act decisively, then other nations could overtake. He specifically pointed out China’s ambitions in the field, highlighting its efforts to develop the crypto industry.
“China wants to do it. They are starting it, but they want to do it. Other countries also want to do it,” he added.
After meeting with Chinese President Xi Jinping in South Korea last week, Trump told CBS News that he wants America to remain “number one” in crypto and AI.
While cryptocurrencies and related services, including mining and P2P exchanges, are banned in China, the country offered a leeway in the Hong Kong province. On November 4, Hong Kong announced a new set of rules to make it easier for crypto-oriented platforms to operate within the jurisdiction, allowing firms to connect directly with global crypto exchanges and list new digital assets.
Following in the footsteps of the United States, last year, Hong Kong approved spot Bitcoin ETFs. The city was also the world’s first to greenlight spot Ether ETFs, even before the funds were launched on Wall Street. Hong Kong recently held the 10th iteration of its FinTech Week conference, where 70 percent of attendees came from the traditional finance space and showed great interest in learning about crypto assets, specifically stablecoins.
Trump Declared Bitcoin a Strategic Asset, Established a National Crypto Stockpile, Pardoned Key Industry Figures, and Banned CBDCs
While Trump’s remarks in Miami were largely about his crypto vision for America, his administration has taken some concrete steps behind the scenes.
In March, he signed an executive order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile comprising Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), which will be capitalized using coins under federal custody that were seized as part of criminal investigations.
However, the government is yet to announce any crypto-related purchases. As of December 2024, the U.S. government holds 198,012 BTC, valued at $20.4 billion. The largest sources of its holdings are: 94,643 BTC seized from Ilya Lichtenstein and Heather Morgan as part of the Bitfinex hack; 69,370 BTC seized from the darkweb marketplace Silk Road; 12,267 BTC from additional Bitfinex hack seizures; 9,800 BTC seized from James Zhong of Silk Road; and 2,818 BTC from further Bitfinex-related seizures.
In July 2025, President Trump signed the GENIUS Act into law, which is the first comprehensive crypto framework to regulate fiat-pegged stablecoins. Meanwhile, a broader crypto market structure bill, known as the CLARITY Act, is progressing in Congress.
Trump has also pardoned several prominent crypto figures since returning to the White House in January 2025. Most notably, Silk Road founder Ross Ulbricht, who was pardoned shortly after his inauguration; Arthur Hayes, former CEO of the BitMEX exchange in March; and recently, Binance co-founder and former CEO, Changpeng ‘CZ’ Zhao, in October.
The President also signed an executive order banning the research and development of a central bank-issued digital currency (CBDC) or a “digital dollar”, calling the instruments an infringement of Americans’ financial sovereignty.
The Trump family is involved in multiple crypto ventures, such as the Fight Fight Fight LLC – issuer of the Official Trump (TRUMP) memecoin, World Liberty Financial – the DeFi firm behind the USD1 stablecoin and WLFI token, and the American Bitcoin Corp – a Nasdaq-listed Bitcoin mining and treasury firm.
The President himself holds substantial amounts of crypto assets. Recently, Forbes estimated his Bitcoin holdings to be worth about $870 million, making him one of the largest among individual HODLers.
At the time of writing, Bitcoin (BTC) is trading at $103,180.16 – up 1.28% over the last 24 hours.