Chinese coins hit record high in global trade as US buys more to protect against bitcoin threat

China’s government has bought about $2.4 billion in bitcoin, including two of the world’s largest, according to Reuters data.

The move to buy the cryptocurrency was announced Friday as the Trump administration continues to push for a new global trade deal with China.

A new Trump administration official said the purchase of the bitcoins, which are valued at more than $7,000 each, would help the Trump Administration counter Chinese efforts to destabilize bitcoin, Reuters reported.

China has been cracking down on bitcoin and other cryptocurrencies as they have become a major part of global commerce.

The government in Beijing says it wants to create a market-based, nationalized digital currency, but critics say the currency is an illegal form of money and is an illegitimate form of payment.

The Trump administration has said it will work to crack down on currency manipulation in the global economy, including bitcoin, as part of a trade deal that will see the United States sell some $300 billion worth of Chinese products over five years.