Eric Trump, the son of US President Donald Trump, called China “a hell of a power” in crypto even though the nation has largely banned digital-token trading since 2021.
“There’s no question that China is a hell of a power when it comes to this world,” Trump said in a question-and-answer session with crypto investor David Bailey at the Bitcoin Asia conference in Hong Kong on Friday. He was responding to Bailey’s remark that China is the “other Bitcoin superpower,” along with the US.
China issued a blanket ban on cryptocurrency trading four years ago, the culmination of a years-long clampdown on the industry. Yet signs have persisted that mainland residents have found ways to circumvent the restrictions.
The US, meanwhile, has embraced the industry under Trump, and his family’s businesses have embarked on several crypto ventures. Neither Eric Trump nor Bailey elaborated in detail on why they consider China a power in crypto.
Donald Trump is seeking to secure a summit with his Chinese counterpart Xi Jinping, Bloomberg reported in July. The two countries have sought to de-escalate trade tensions following Trump’s announcement of sweeping global tariffs in April.
Asked about whether Trump and Xi would discuss digital assets during any summit, Eric Trump quipped that “I would certainly love for them to talk about Bitcoin,” adding that “they’ve probably got larger things to talk about.”
He also said he spends “90% of my time in this community now” and predicted Bitcoin will hit $1 million in the next few years. “Buy right now, close your eyes, hold it long term, do not get rid of it,” he said.
As Trump spoke, Bitcoin dipped below $110,000. It was trading at around $109,600 as of 9:57 a.m. in London on Friday.
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