At the Bitcoin MENA 2024 conference in Abu Dhabi, Anthony Scaramucci, founder of SkyBridge Capital, predicted that China would re-enter the Bitcoin mining industry and may integrate this digital asset into its national reserves by the end of 2025. Previously, China was a leading country in Bitcoin mining, contributing over 65% of global hash power, but banned this activity in 2021. However, according to Scaramucci, despite the ban, about 10% of global Bitcoin mining activities continue to take place in China.
The complex relationship between China and Bitcoin
China imposed a ban on Bitcoin mining and trading in 2021 to mitigate financial risks and promote the digital yuan (CBDC). This ban significantly altered Bitcoin mining operations, with many miners moving to regions with more cryptocurrency-friendly legal environments. However, Scaramucci believes that the increase in Bitcoin mining activities in the United States will prompt other countries, including China, to reconsider their stance on this digital asset.
Anthony Scaramucci – Founder of SkyBridge Capital
Scaramucci is confident that by 2025, China will not only restore Bitcoin mining activities but may also begin to integrate Bitcoin into its national reserves. He believes that China's re-entry into the Bitcoin market will strengthen its global economic position.
"By this time next year, China will rejoin the Bitcoin market," Scaramucci asserted, noting that this move will have widespread implications for the global crypto ecosystem.
Bitcoin becomes a global strategic asset
Along with the global trend of Bitcoin adoption, Scaramucci describes this process as a "bidding race" in which no country can remain outside. He emphasizes that developing countries, especially major economies like the United States, will not be able to ignore this development. The fact that countries like Russia and Brazil are considering integrating Bitcoin into their national treasury further affirms Bitcoin's transition from a speculative asset to an important strategic financial tool.
The concept of strategic Bitcoin reserves has garnered special attention in 2024. In the U.S., lawmakers like Senator Cynthia Lummis have called for the acquisition of Bitcoin as part of a long-term financial strategy. This reflects Bitcoin's transformation into an important financial tool in the global investment portfolio.
Scaramucci believes that as the United States and other countries explore incorporating Bitcoin into national reserves, China's re-entry into the Bitcoin market will only enhance this asset's importance in the global financial system. With China returning to Bitcoin mining and reserves, the country will restore its role as one of the key players in the global Bitcoin ecosystem.
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