Recently, former US President Trump delivered an inspiring speech on Bitcoin, which has aroused a warm response in the cryptocurrency community. Sun Yuchen, founder of Tron blockchain, suggested that China reconsider its policy stance on Bitcoin and pointed out that the competition between China and the United States in the field of cryptocurrency will benefit the entire industry. This has once again aroused people's attention to the competition between China and the United States in the field of technology.
At the 2024 Bitcoin Conference, Trump demonstrated his recognition and support for Bitcoin and cryptocurrency, and promised that if elected, he would take a series of measures conducive to the development of this field to create the most favorable development environment for the cryptocurrency industry in the United States, so as to ensure that the United States is ahead of China in the field of cryptocurrency.
Trump believes that the United States must seize this opportunity to win in future technological competition. The United States must become a leader in the field of cryptocurrency and cannot let China or other countries dominate. Trump's remarks have brought exciting signals to the cryptocurrency community and pointed out the direction for the future development of the US cryptocurrency industry.
Trump hinted that although China currently bans the cryptocurrency industry, its hidden strength in this field should not be underestimated, and the United States must surpass China to become a global leader. Trump's speech also highlights his anxiety and concerns about China's rise in the field of science and technology, as well as his determination to maintain the United States' global leadership by embracing emerging technologies such as Bitcoin.
Market analysts believe that Bitcoin’s unique attributes as digital gold could be at the heart of global power dynamics. They believe that Trump’s support for Bitcoin and its geopolitical implications could prompt China to reconsider its stance on digital assets.
In this regard, Justin Sun, founder of Tron blockchain, made a bold statement and put forward a striking suggestion to the Chinese government - China should review its regulatory policies on cryptocurrencies such as Bitcoin to better grasp this emerging industry with huge potential. Compared with the increasingly open and friendly cryptocurrency regulatory environment in Western countries such as the United States, China's current policies still tend to be strong in control and suppression, which has an adverse impact on China's global competitiveness in the digital economy.
Looking back, China was once the world's largest Bitcoin mining center, with many miners and abundant blockchain resources. However, in recent years, the Chinese government has taken severe measures to crack down on cryptocurrencies, including banning ICOs (initial coin offerings), closing crypto exchanges, and cracking down on Bitcoin mining. Although these measures are aimed at preventing financial risks, they have also greatly limited China's development potential in this emerging field.
Sun Yuchen said, "We see that the United States is promoting the continuous development of cryptocurrency-related industries and actively attracting relevant talents and capital, while China's current policies are hindering the development of this industry, which will undoubtedly exacerbate the competitive gap between China and the United States in the digital economy. If China can adjust its policies in a timely manner and actively embrace this emerging track, it will not only create more opportunities for local companies, but also enhance China's dominant position in the future digital economy."
In addition, Sun Yuchen pointed out that the competition between China and the United States can promote the development of the entire cryptocurrency industry. With the all-round competition between the two major economies, the two countries may accelerate their respective technological innovations in the fields of blockchain and cryptocurrency, while formulating more friendly policies to attract talents and investment. The cryptocurrency industry will face more development opportunities, and related companies and investors will also benefit from a more complete regulatory environment and more policy support.
In the digital economy era, whoever masters the key technology will dominate the future development. Currently, the competition in cryptocurrency and blockchain technology is intensifying around the world. Countries and regions such as Europe and Japan are actively promoting relevant policies to attract blockchain companies and technical talents. If China does not adjust its strategy as soon as possible, it may fall behind in the competition in this field. Therefore, Sun Yuchen's suggestion may have important practical significance.
In general, Sun Yuchen's suggestion reflects the industry's general demand for China's cryptocurrency regulatory policy. Against the backdrop of the United States's expanding advantages in the cryptocurrency field, if China can adjust its policy orientation in a timely manner and actively embrace this emerging industry, it will not only help enhance China's voice in the digital economy competition, but will also inject new impetus into the further development of the global cryptocurrency industry.
