On May 28, Vice President Vance held a speech at a Bitcoin conference in Las Vegas, emphasizing the importance of Bitcoin in the competition between the United States and China. He stated that China’s ban on Bitcoin should urge the U.S. to embrace this globally largest cryptocurrency and further expand the U.S.’s strategic advantage in digital assets.
Vance pointed out that the Chinese government has banned cryptocurrency trading and mining since 2021. With the White House’s comprehensive reform of cryptocurrency policies, Bitcoin is projected to become a strategically significant asset for the U.S. over the next decade. The U.S. has initiated a Bitcoin strategic reserve plan.
He estimated that currently around 50 million Americans hold Bitcoin, and he predicts this number will soon increase to 100 million people.
Vance said, “The People’s Republic of China does not like Bitcoin. We should ask ourselves, why is that? Why is our biggest competitor so against Bitcoin? If communist China is moving away from Bitcoin, then perhaps the U.S. should embrace it even more.”
Vance believes that digital assets will see a resurgence during President Trump’s administration, with the government prioritizing reducing regulatory burdens on the cryptocurrency industry, including ending “Operation Choke Point 2.0” and dismissing figures like former SEC Chairman Gary Gensler.
He sees Bitcoin as a tool for value preservation, helping mitigate negative impacts such as inflation and corporate discrimination when policy errors cause economic turmoil.
He stated, “I believe cryptocurrency technology also offers extremely valuable conservative aspects, serving as a hedge against Washington’s misguided policies, regardless of which party is in power. Cryptocurrency is a hedge against rapidly rising inflation that has eroded Americans’ real savings rates over the past four years. It is also a hedge against the increasingly discriminatory private sector willing to discriminate based on consumer’s fundamental beliefs, including political affiliations.”
He also supports the GENIUS Act, which aims to establish a regulatory framework for stablecoins (a type of cryptocurrency pegged to the U.S. dollar). He believes that having stablecoins anchored to the U.S. dollar benefits the American economy.
Currently, Congress is deliberating on the legislation.
Vance mentioned that the government will promote establishing new regulatory frameworks for digital assets, fully integrating cryptocurrencies into the mainstream economy.