Trump Renews Support for Bitcoin Amid Geopolitical Rivalry with China

US President Donald Trump has renewed his support for Bitcoin during a White House event on July 6, stating it's a 'powerful' asset. He said geopolitical competition with China is driving his backing of the industry.

Trump's comments come as Standard Chartered continues to target a price of $500,000 for Bitcoin before he leaves office. The bank's Global Head of Digital Assets Research, Geoffrey Kendrick, made this prediction in February 2025, citing Trump's regulatory agenda as a key factor.

Kendrick noted that if the US doesn't support Bitcoin, China will have an advantage due to its strict ban on crypto trading and mining since 2021. China is also developing its own central bank digital currency.