Will China “unban” Bitcoin trading?

Michael Saylor, a heavyweight in the Bitcoin space and CEO of MicroStrategy, a US-listed company, is convinced that China will once again embrace the digital currency. In an 84-minute podcast interview, he mentioned that once the Bank of Shanghai launches a Bitcoin spot ETF and provides professional custody services, it will open a door to the world of cryptocurrency for China's 1.5 billion people.

Saylor boldly predicted that the price of each Bitcoin is expected to climb to a staggering $10 million, and he is convinced that the whole of China will fully support the development of Bitcoin. He emphasized the potential influence of Bitcoin in the Chinese market, saying: "When the Bank of Shanghai officially launches the Bitcoin spot ETF and provides professional custody, it will provide convenient Bitcoin services to China's huge user base."

While it is not yet certain whether China will take this major shift, it is worth noting that Hong Kong has taken the lead in launching a Bitcoin spot ETF, providing investors with more diversified investment options.

For Saylor, the widespread popularity of Bitcoin in China will undoubtedly drive its price further up. He firmly believes that as Bitcoin's influence in the Chinese market gradually increases, its position as the world's leading digital currency will become more solid.

Michael Saylor’s idea is good, but the reality is difficult and there are many problems. Perhaps in the future, China will “lift the ban” on Bitcoin transactions?