Donald Trump’s Bitcoin speech creates bullish sentiment in the U.S.
Justin Sun calls on China to embrace cryptocurrency to rival the U.S. in market dominance.
A potential global political shift towards pro-crypto policies is expected over the next few years.
Justin Sun, the founder of Tron (TRX), recently took to X, urging China to take progressive steps toward cryptocurrency policies following former President Donald Trump’s Bitcoin support.
On July 27, U.S. presidential candidate Trump delivered a speech at Bitcoin 2024 in Nashville, Tennessee, emphasizing that the U.S. must not allow China to dominate the crypto sector. This sparked bullish sentiment among Americans but puzzled many other countries, notably China. Among those reacting to this development was Justin Sun, who highlighted the potential benefits of a competitive stance between China and the U.S. in the crypto space. Sun posted:
“China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry,”
Despite Sun’s encouragement, China faces significant hurdles. In 2021, the country declared all crypto-related transactions illegal, creating a substantial barrier to the acceptance and integration of digital currencies. Nevertheless, there have been incremental advances.
Recently, Sun won a legal victory against Chongqing Business Media Group, which had falsely accused him of insider crypto trading. This ruling may signal a shift, albeit gradual, in China’s cryptocurrency approach.
However, Trump’s pro-crypto stance is anticipated to influence the political landscape beyond the U.S. Analysts predict that future presidential candidates worldwide might incorporate Bitcoin into their platforms to bolster their electoral chances. This shift could potentially extend to other major economies, such as India, which is slated to hold its presidential election in 2027.
Furthermore, Wise Advice, a crypto influencer, predicts monumental milestones in cryptocurrency over the next three years: the establishment of a Bitcoin reserve fund, more ETF approvals, an increase in pro-crypto political candidates, and the expansion of the crypto market. He also suggests that such changes could lead Indian politicians to reconsider their stance on digital assets, potentially resulting in a reduction of the crypto tax.
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