Senator Cynthia Lummis announced that the US military supports her initiative to acquire one million Bitcoins. According to Lummis, the United States is engaged in an economic war with China and must take steps to prepare. She suggested that strategic reserve was a solution to this. The senator’s remarks referred to the tensions between the United States and China. US Senator Lummis has pointed out that some branches of the American military support creating a national Bitcoin reserve to tackle dangers posed by economic conflicts. Lummis proposes using a strategic BTC reserve to curb the US-China trade war During an interview on June 3, Lummis explained how US generals — especially those from Southeast Asia — supported the idea that storing Bitcoin would be in America’s best interest. Lummis stated that concerning the current situation between the US and China , all they have to do is turn to the current US military leaders to back up a strategic Bitcoin reserve. In a statement based on the Senator’s argument, some generals think having a strategic Bitcoin stash is vital. She further highlighted that they are engaged in an economic battle with China and must prepare for a conflict involving weapons. Lummis, however, said they need to be prepared for both. She commented during a segment on tensions between China and the United States, with the country playing a central role in trade wars under the Trump administration. While Trump’s tariffs initially hit most US trade partners, his administration later suspended tariffs in many countries, excluding China. Additionally, the US has a big trade deficit with China, which means it buys more products from China than it sells there. This situation has caused some people to say that China has changed its currency value to lower prices on its goods, giving its businesses an unfair edge. The US also charged China with stealing ideas and inventions, pointing to cases where Chinese companies accessed secret information from American businesses. Moreover, the US paid special attention to limiting semiconductor exports to China because of worries about how these products might be used for China’s military and technology growth. The trade war is also viewed as a part of a larger struggle between the US and China to be the leader in both the economy and technology. To curb this, the two countries later came to a temporary trade agreement that cooled the tensions. On May 20, Chinese leaders decided to “greatly lower” the trade gap between China and the US by promising to “significantly boost” their purchases of American products. As a result, Steven Mnuchin, an investment banker and former United States Secretary of the Treasury, stated that they were pausing the trade war . Trump emphasized the urgency of the US leading in the crypto world Trump has said the US should become the “world capital of crypto” during his 2nd term in office at the White House. The president cautioned that if they do not embrace crypto and lead in the digital asset ecosystem, China would consider and have it, or somebody else, but most likely China. China has had a comprehensive ban on crypto activities since 2021, despite betting on blockchain technology to power projects such as its central bank digital currency, the digital yuan. China has strengthened financial rules, but cryptocurrency is completely banned. BEIJING – The Chinese government has announced a broad ban on cryptocurrency assets. Besides earlier restrictions on trading and mining, China has now made it illegal for individuals to own digital currencies like Bitcoin. At Bitcoin 2025 on May 28, US Vice President JD Vance emphasized the geopolitical significance of Bitcoin. He argued that the US needs to solidify its position as the crypto leader and stay competitive in the changing world of digital finance. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites
