Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com -- As China continues to maintain its ban on cryptocurrency trading and mining since 2021, U.S. Vice President JD Vance has urged the United States to capitalize on this situation by embracing bitcoin, the world’s largest cryptocurrency. Vance made the statement on Wednesday at the Bitcoin Conference in Las Vegas.
According to Vance, the U.S. should consider why its major adversary, the People’s Republic of China, is so opposed to bitcoin. He suggested that if China is distancing itself from bitcoin, it could be advantageous for the U.S. to adopt a more favorable stance towards the digital asset.
Vance’s comments come amid the White House’s ongoing efforts to overhaul crypto policy, with the vice president viewing bitcoin as a strategically important asset for the U.S. over the next ten years. He praised President Donald Trump’s executive order in March, which established a strategic bitcoin reserve using tokens already owned by the government.
Under President Trump’s administration, digital assets have seen a resurgence. Trump, who has positioned himself as a "crypto president," established a cryptocurrency working group in his first week of office to suggest regulations for digital assets. In March, he also hosted a meeting with crypto executives at the White House.
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