One month after Trump announced his victory in the U.S. presidential election, Bitcoin officially broke through the $100,000 mark on December 5, with its market value temporarily exceeding $2 trillion, overtaking Saudi Aramco to become the seventh largest asset globally. Against this backdrop, two recent events in China seem to indicate that China's attitude towards cryptocurrencies is quietly changing.
Recently, an online course on Bitcoin launched by Tsinghua University in China has attracted widespread attention on Douyin, especially against the backdrop of a continuous surge in Bitcoin prices. The popularity of this course not only reflects the public's strong interest in Bitcoin and its investment opportunities but also indicates a gradual recognition of the legitimacy of cryptocurrencies in society. Meanwhile, the latest judicial interpretation by the people's court regarding cryptocurrency theft also provides a new perspective on the legal status of cryptocurrencies.
It is reported that the Bitcoin popular science online course released by Tsinghua University on Douyin lasts six hours and attracted about 1 million views within a week of its release, with likes, favorites, and shares all reaching tens of thousands. This course not only attracted the general public interested in Bitcoin but also sparked the attention of many investors, who flocked to the comment section to inquire about how to download exchanges. Some cryptocurrency enthusiasts even shared screenshots of their accounts, implying that they had invested early and already made a profit.
In the heat of this course, many netizens have shown a strong curiosity about Bitcoin. They no longer view cryptocurrencies like Bitcoin as scams, but rather hope to gain more investment knowledge through learning. This phenomenon indicates that as the Bitcoin market flourishes, the public's acceptance of cryptocurrencies is increasing. If policies diverge from social demand in the future, it may hinder the development of technological innovation and market vitality.
In addition, the Chinese people's court has redefined cryptocurrency 'mining' in a way that favors the development of the industry. On December 5, 2024, the People's Court Daily published an article (criminal characterization of illegal theft of cryptocurrency) discussing related issues, which also attracted attention. In the case, several defendants agreed to steal by using contract code to fraudulently swipe USTD, stealing a total of 57,307.11 USDT from the victim, Hu.
The People's Court Daily commented that this case should be recognized as theft. Although China's policies regarding cryptocurrencies are relatively strict, this does not affect their property attributes. The scarcity, utility, and disposability of cryptocurrencies give them property characteristics. Notably, the utility is reflected in the fact that cryptocurrencies, as specific data codes, must be generated through 'mining', which embodies social abstract labor. In real life, cryptocurrencies can be transferred and traded, yielding calculable economic benefits, and possess both use value and exchange value. Therefore, cryptocurrencies have property attributes, and the defendants' actions of stealing cryptocurrencies constitute theft.
It is worth mentioning that the People's Daily once published an article bluntly stating that 'virtual currencies are ultimately a pipe dream' and that 'virtual currencies will eventually return to zero', which has led to related articles being widely circulated in the cryptocurrency community and criticized every time Bitcoin experiences a surge. Now, with the people's court's shift in attitude towards cryptocurrencies, it is indeed dramatic. At the same time, this is seen by industry insiders as a signal of a policy shift; as the public's understanding of cryptocurrencies deepens and the legal community gradually recognizes their status, the possibility of China lifting its cryptocurrency ban is increasing.
The two aforementioned events occurred almost simultaneously after Bitcoin reached new highs, leading the market to speculate whether China is testing the waters for a 'policy lift' on cryptocurrencies? Although China comprehensively banned cryptocurrency-related activities in 2021, it has significantly increased its push for blockchain technology in recent years. For example, the pilot work for China's digital yuan has made substantial progress, indicating the government's recognition of the underlying blockchain technology. In the future, cryptocurrencies may return to the market in a 'controlled and open' form.
Currently, cryptocurrency policies are changing globally, with many countries beginning to recognize and legalize the use of cryptocurrencies. As the U.S. has successively approved spot ETF products for Bitcoin and Ethereum this year, Hong Kong has also followed suit by listing spot ETFs for Bitcoin and Ethereum. At the same time, after Trump's victory, major U.S. listed companies and private enterprises have started announcing investments in Bitcoin, and Trump even called for the U.S. to include Bitcoin in its asset reserves; Russian President Putin has also stated that no one can completely ban Bitcoin anymore.
In this global context, whether China, as the world's second-largest economy and a long-term competitor of the U.S., will compete with the U.S. over Bitcoin has become one of the most concerning issues for investors. The global attention is focused on whether China's attitude towards Bitcoin and other cryptocurrencies will soften.
Although it is still uncertain whether China will lift its comprehensive ban on cryptocurrencies, the following trends are worth noting: the successful promotion of the Tsinghua University course may encourage more universities and institutions to participate in cryptocurrency education, further changing the attitudes of the public and decision-makers. Meanwhile, as major global economies gradually accept cryptocurrencies, China's position in the global financial system may also prompt it to reconsider its policy stance. In the future, China may allow some compliant cryptocurrency trading and mining activities by establishing strict entry thresholds and regulatory rules.
In summary, the 'recognition' by the people's court and the 'promotion' by Tsinghua University may seem like independent events on the surface, but they reflect subtle changes in China's cryptocurrency policy. Although a complete lifting of the ban is still some time away, this series of positive signals undoubtedly brings new hope to the industry.
The future development of cryptocurrencies may no longer just be a technical topic within the industry, but will become an important part of China's economic and social innovation. We may witness a turning point for cryptocurrencies in China, looking forward to the emergence of clearer and more open policies in the future.
