Tron founder Justin Sun has called on China to reconsider its Bitcoin policy in response to former President Donald Trump’s recent support for digital assets and his vision for the United States as a global crypto leader!
At the Bitcoin 2024 conference in Nashville, Trump pledged to ensure that the U.S. government “will never sell” the 210,000 bitcoins it already holds and any it acquires in the future.
He added that his administration will develop policies aimed at making the U.S. a Bitcoin and cryptocurrency “superpower.” In response, Sun highlighted the potential benefits of China and the U.S. taking competing approaches in Bitcoin policy.
He believes that this kind of competition can drive progress and growth for the entire industry!
Justin Sun said: "China also needs to stand up!"
China has historically been a leader in bitcoin mining and trading, with miners in the country accounting for more than 70% of the bitcoin network’s hash rate in 2017.
However, later that year, the country’s policy began to shift as the government banned initial coin offerings (ICOs) and shut down domestic crypto exchanges.
This marked the beginning of China’s anti-crypto stance, but despite these restrictions, mining operations in the country continued to thrive due to low electricity costs, making it the dominant player in the global mining industry for several years.
However, the local regulatory landscape changed dramatically in 2021, with China announcing a sweeping crackdown on Bitcoin mining and trading over concerns about financial stability and environmental impacts — significantly reducing China’s presence in the global market.
Since then, the ban has remained in place, making China one of the countries with the strictest crypto regulation. At the same time, the country has been exploring blockchain technology and digital currencies through centralized means.
Analyzed
Sun’s comments come amid rumors that China may be subtly changing its stance on crypto through its actions in Hong Kong, which is positioning itself as a thriving crypto hub with implicit support from Beijing.
Justin Sun’s call for China to strengthen its Bitcoin policies highlights the potential benefits of fostering competition between the two largest economies. As the U.S. appears to warm toward Bitcoin under Trump’s proposed policies, the global crypto community is closely watching how China will respond.
The last sentence
The second half of the bull market is the real wealth-making stage! Many people are optimistic about the bull market, but there are more people who are afraid of a correction! All trends come from continuous rises in doubt. It is said that buying in divergence and selling in agreement, we just need to stay away from the noise.
