One month after Trump announced his victory in the U.S. presidential election, Bitcoin officially broke the $100,000 mark on December 5th, with a market value once exceeding $2 trillion, surpassing Saudi Aramco to become the seventh largest asset globally. Against this backdrop, two recent events in China seem to indicate that the country's attitude towards cryptocurrencies is quietly changing.
Recently, an online course on Bitcoin launched by Tsinghua University in China has sparked widespread attention on Douyin, especially against the backdrop of the 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 shows the gradual recognition of the legitimacy of cryptocurrencies in society. Meanwhile, the latest judicial interpretation by the People's Court regarding theft of cryptocurrencies also provides a new perspective on the legal status of cryptocurrencies.
It is reported that Tsinghua University’s Bitcoin popular science online course on Douyin lasts six hours and attracted about one million viewers within a week of its release, with likes, favorites, and shares all in the tens of thousands, once ranking seventh on Douyin's trending search list. This course has not only attracted the general public interested in Bitcoin but has also garnered attention from many investors, who are asking in the comments how to download exchanges, and some crypto enthusiasts even shared screenshots flaunting their accounts, implying they have already invested and made a fortune.
In the midst of this course's popularity, many netizens have shown a strong curiosity about Bitcoin. They no longer view cryptocurrencies like Bitcoin as scams, but instead hope to gain more investment knowledge through learning. This phenomenon indicates that as the Bitcoin market thrives, the public's acceptance of cryptocurrencies is increasing. If future policies diverge from social demands, it may hinder the development of technological innovation and market vitality.
In addition, the People's Court of China has redefined 'mining' of cryptocurrencies in a way that is favorable to industry development. On December 5, 2024, the People's Court reported on related issues (criminal classification of illegal theft of cryptocurrencies), which also attracted attention. In the case, several defendants agreed to use contract codes to fraudulently swipe USTD, stealing a total of 57,307.11 USDT from the victim, Mr. Hu.
The People's Court reported that the case should be classified 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, utility is manifested as cryptocurrencies being specific data encodings that must be generated through 'mining', which embodies social abstract labor. In real life, cryptocurrencies can be transferred and traded, yielding calculable economic returns, possessing both use value and exchange value. Therefore, cryptocurrencies possess property attributes, and the defendants' theft of cryptocurrencies constitutes 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 'virtual currencies will return to zero', which led to related articles being 'widely circulated' in the crypto community and receiving much criticism and ridicule whenever Bitcoin surged. Now, looking back at the People's Court's change in attitude towards cryptocurrencies, it is indeed dramatic. At the same time, this is seen by industry insiders as a signal of policy shift. As the public's understanding of cryptocurrencies deepens and the legal community gradually recognizes their status, the possibility of China lifting the crypto ban is increasing.
The two aforementioned events occurred almost simultaneously after Bitcoin reached a new high, prompting speculation in the market about whether China is testing the waters for a 'policy lift' on cryptocurrencies. Although China comprehensively banned cryptocurrency-related activities in 2021, in recent years, there has been a noticeable increase in the push for blockchain technology. For example, significant progress has been made in the pilot work of China's digital currency, indicating the government's recognition of the underlying blockchain technology. In the future, cryptocurrencies may return to the market in a 'controllable 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. Meanwhile, after Trump's victory, major U.S. listed companies and private enterprises began announcing investments in Bitcoin, and Trump even called for the U.S. to include Bitcoin in its asset reserves. Russian President Putin also stated that no one can completely ban Bitcoin anymore.
In this global context, as the world's second-largest economy and a long-term competitor to the U.S., whether China will engage in a race with the U.S. over Bitcoin has also become one of the most concerning issues for investors. Ultimately, the global attention is 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 Tsinghua University's course may drive more universities and institutions to engage in cryptocurrency education, further changing the attitudes of the public and decision-makers. At the same time, as major global economies gradually accept cryptocurrencies, China's position in the global financial system may prompt it to reconsider its policy stance. In the future, China may allow some compliant cryptocurrency trading and mining activities by establishing strict access thresholds and regulatory rules.
In summary, the People's Court's 'recognition' and Tsinghua University's 'promotion' may appear to be independent events on the surface, but they reflect subtle changes in China's policy towards cryptocurrencies. Although a comprehensive policy lift 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 could become an important component of China's economic and social innovation. We may witness a turning point for cryptocurrencies in China, anticipating more clear and open policies in the future.
