A Very Big Opportunity’—Crypto Suddenly Braced For A ‘Tremendous’ China Earthquake After Bitcoin, Ethereum And XRP Price Boom
"Is China going to open up [to crypto]? … I'd say it's inevitable," Pierce, a former child actor who cofounded the USDT dollar-pegged stablecoin issuer Tether in Hong Kong a decade ago, told the South China Morning Post. "The question is not so much if, it’s a matter of when."
Pierce, who is also chairman of the Bitcoin$BTC Foundation, teased a new Hong Kong-based venture to the SCMP, saying he's "enthusiastic about what’s happening in Hong Kong," a special administrative region of China that has recent green lit a handful of spot bitcoin and ethereum ETFs, following in Wall Street's footsteps.
Here are the main points.
Bitcoin, Ethereum and XRP Prices Soar:
- Bitcoin has reached a new all-time high of over $70,000.
- Ethereum price has tripled.
- Ripple's XRP has added almost 50% since its 2022 lows.
China's Potential Impact on the Crypto Market:
- China may reopen its digital doors to crypto, according to Brock Pierce, a former child actor and co-founder of Tether.
- Pierce predicts that China will eventually allow crypto trading, citing the country's supply chain advantage and the potential for a "tremendous" impact on the market.
- Hong Kong, a special administrative region of China, has begun to open up the crypto market to traders.
Hong Kong Spot Bitcoin ETF:
- Analysts predict that a Hong Kong spot bitcoin ETF could lead to another "huge" bitcoin price increase.
- The ETF would allow for "in-kind" creations and redemptions, making it more operationally simple and efficient.
- Approval for the ETF could attract a broader range of participants and lead to significant inflows into the market.
Overall, the article suggests that the crypto market is bracing for a potential surge in China, which could have a significant impact on the global market.
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