Crypto investor Brock Pierce said it's only a matter of time before China reopens its digital doors to crypto after its 2021 restriction plummeted the price of bitcoin.
The price of Bitcoin surpassed its previous all-time high in recent months, rising above $70,000 per bitcoin, helping the price of Ethereum to triple and Ripple's XRP to add almost 50% from its 2022 lows, while the Ripple CEO issues inevitable prediction of new cryptocurrency exchange-traded fund (ETF) following success of Wall Street spot bitcoin ETFs
Now, with the Federal Reserve quietly admitting that gold is replacing the US dollar, bitcoin and crypto investor Brock Pierce said it's only a matter of time before China reopens its digital doors to crypto after its restriction of 2021 the price of bitcoin will plummet.
"Is China going to open up to cryptocurrencies? ... I would say it's inevitable," Pierce, a former child actor who co-founded stablecoin issuer Tether in Hong Kong, told the South China Morning Post a decade ago. “The question is not if it will happen, but when,” he added.
Pierce, who is also president of the Bitcoin Foundation, said he is “excited about what is happening in Hong Kong,” a special administrative region of China that recently greenlit a handful of spot bitcoin and ethereum ETFs, following the footsteps of Wall Street.
This week, G7 leaders plan to warn China's small banks about their ties to Russia after sanctions have fueled the use of underground financing channels or banned cryptocurrencies, Reuters reports.
At this week's G7 meeting in Italy, leaders are expected to send a tough new warning to China's small banks to stop helping Russia evade Western sanctions, and the meetings are expected to be closed. focus on the threat that booming Sino-Russian trade poses to the war in Ukraine.
In April, it was reported that after large Chinese banks pulled out of financing Russia-related transactions, some Chinese companies turned to small border banks and cryptocurrency
"Our concern is that China is increasingly the factory of Russian war machinery. It can be called the arsenal of autocracy when you consider that Russia's military ambitions obviously threaten the existence of Ukraine, but increasingly European security, NATO and transatlantic security," said Daleep Singh, deputy national security adviser for international economics.
Following the application of US-led Western sanctions on Russia following its invasion of Ukraine, Bitcoin and cryptocurrencies were touted by some as a potential way to circumvent strict financial regulations.
Last month, attendees at a bitcoin conference in Hong Kong sparked speculation that Hong Kong's much-discussed bitcoin spot ETFs might eventually open up to mainland Chinese investors.
“I think Hong Kong is ahead in many ways,” said Pierce. “I think the main opportunity in Hong Kong is in traditional finance, and that's where a Hong Kong dollar digital stablecoin has huge potential,” he added. .
Pierce added that China's advantage in the supply chain means "there is clearly a very big opportunity in Hong Kong."
This week saw new signs that Hong Kong and China are gradually warming back to Bitcoin and cryptocurrencies, as Dubai-based cryptocurrency exchange Bybit announced it will allow Chinese citizens living abroad to open accounts and trade cryptocurrencies
“Bybit, one of the world's top three cryptocurrency exchanges by volume, is pleased to announce the expansion of our service offering to the overseas Chinese community,” the company said in a statement. “This move responds to the growing demand for safe, reliable and easy-to-use cryptocurrency exchange platforms among Chinese expatriates and international Chinese communities,” he added.
#TopCoinsJune2024 #EarnFreeCrypto2024 #Binance
🎊Support the spread of educational, informative and positive articles and publications by leaving a tip to the creator.🙏🌟 This motivates me to continue searching for current and fresh content for you. 🍀I appreciate your support and I wish you a great day!👇
