

Justin Sun Urges China to Adopt a More Forward-Looking Approach Towards the Crypto Market
This stems from the fact that former US President Donald Trump has extended his support to Bitcoin and attempts to make the flagship crypto a key player
Justin Sun has urged China to adopt a more forward-looking approach towards the crypto market. This is because former US President Donald Trump has extended his support to Bitcoin and attempts to make the flagship crypto a key player in the market. BTC will likely reflect features of digital gold across the world. But what does this mean for China and the US?
According to the founder of Tron Blockchain, the competition between the US and China can end up benefiting the industry on a broader level.
Sun published a social media post dated July 18, 2024. In the post, Justin highlighted that the industry will benefit from competition in Bitcoin policy. However, Donald Trump’s statements will only hold true value if he is re-elected as the President of the US. Meanwhile, China has a better chance of gaining an edge with its policies.
China Might Reconsider Stance on Crypto Markets
Several analysts have pointed out that China might end up reconsidering its stance on crypto markets. This is because Trump’s support and the geopolitical dynamics will have a larger role to play here.
Bitcoin and stablecoins could help counter the expansion of the digital authoritarianism of China, adding that they will bolster US sovereign debt markets, said Matthew Pines from the Bitcoin Policy Institute. According to Bitcoin Treasuries, China and the United States own more than 400,000 Bitcoin tokens together.
To date, their approaches have been largely different. For instance, the US has reconsidered its stance on crypto and even approved Spot Bitcoin ETF and Spot Ether ETF. More crypto-regulated investment vehicles are in line to get clearance from the US Securities & Exchange Commission (SEC). Earlier this year, Donald Trump had already announced that he would accept donations for his campaign in digital assets like BTC.
China, on the other hand, has mostly distanced itself from the crypto industry. It first started banning banks and financial institutions from handling cryptocurrencies in 2017. Then, in May 2021, the People’s Bank of China declared that all transitions involving Bitcoin and other cryptocurrencies were illegal. The scope of crypto mining in Asia has also significantly diminished. The same is gaining traction in the US.
Professor Backs Justin Sun’s Pitch
Professor Wang Yang from the Hong Kong University of Science & Technology supports Justin Sun’s pitch. The professor has challenged China’s crypto ban, highlighting the geopolitical risks and potential benefits of embracing cryptocurrencies.
This development comes at a time when BTC is rebounding from a low point. At the last check, it is currently trading at $69,494.75, up 3.07% in the last 24 hours. It is next projected to reach the mark of $84,000 in the next 30 days.
TRON has also made significant gains in the same time window. The token is up 1.35%, exchanging hands at $0.1389 at the press time. Prevailing sentiments for TRON are bullish, but the near-term projections showcase a downward trajectory for the native token of Tron Blockchain.
The above is the detailed content of Justin Sun Urges China to Adopt a More Forward-Looking Approach Towards the Crypto Market. For more information, please follow other related articles on the PHP Chinese website!

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

Notepad++7.3.1
Easy-to-use and free code editor

SublimeText3 Chinese version
Chinese version, very easy to use

Zend Studio 13.0.1
Powerful PHP integrated development environment

Dreamweaver CS6
Visual web development tools

SublimeText3 Mac version
God-level code editing software (SublimeText3)

Hot Topics











American business intelligence and software firm MicroStrategy Inc. has announced plans to offer the public up to $1.75 billion of its Convertible Senior Notes.

Glauber Contessoto, also known as "Dogecoin millionaire," expressed bullish sentiments on Ethereum ETH/USD, predicting a parabolic rise for the second-largest cryptocurrency.

US President-elect Donald Trump is continuing to shape his administration with pro-crypto figures by nominating Bitcoin-friendly Congressman Matt Gaetz as Attorney General.

Here is the list of the top five new cryptocurrencies to invest in before they skyrocket. These newly launched projects possess massive gains

Even after about three years since it placed its bet on Bitcoin (BTC), Elon Musk's electric vehicle manufacturer, Tesla, is still reaping the benefits

Crypto's on fire this November, with some of the top coins hitting fresh milestones. XRP just hit a major landmark by burning 13 million tokens

MicroStrategy intends to use the net proceeds to acquire additional Bitcoin and for general corporate purposes. The offering will be available to institutional investors and certain non-US buyers.

This milestone comes as former Binance CEO Changpeng Zhao predicts more nations will adopt Bitcoin as legal tender.