A "Bitcoin War" may be launched between China and the United States
Recently, various news have been seen saying that my country will reconsider the Bitcoin ban in the fourth quarter of 2024.
Since 2013, our country has taken a tough stance on cryptocurrencies, but initially only banned financial institutions from trading Bitcoin.
In 2017, ICO (initial coin offering) was banned and domestic cryptocurrency exchanges were closed.
In May 2021, the ban was expanded to cryptocurrency mining and all related transactions. At that time, I had several Ethereum and Bitcoin mining machines running. After several twists and turns, I had to shut down and suffered heavy losses.
Despite this, the demand for cryptocurrencies among Chinese people remains strong, and many cryptocurrency investors have turned to overseas exchanges or underground markets.
Yesterday, a message came about Tencent's investment in a cryptocurrency trading company: Wintermute is in financing negotiations with Tencent. Wintermute Trading is a British crypto market maker and a global crypto market maker with great influence.
In fact, Tencent has previously invested in multiple blockchain projects, the more famous of which are Everledger and Immutable. Everledger is a company founded in the UK in 2015. It mainly uses blockchain technology to track the origin of diamonds and other high-value assets, and provides information about product origins, characteristics and asset ownership to producers, retailers and consumers. Immutable is an Australian blockchain game company.
Tencent's cooperation with Wintermute can be said to be directly involved in the field of cryptocurrency transactions.
Coincidentally, JD.com was also reported to be entering the cryptocurrency market in the past few days. JD.com CoinChain Technology (Hong Kong) Co., Ltd. is listed in the list of stablecoin issuers published by the Hong Kong Monetary Authority.
