See below for 06/10 update. This post was originally published on June 8th.
Bitcoin has seen wild swings this week as US President Joe Biden and former President Donald Trump were warned that there is “only one way to save the dollar.”
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Bitcoin prices have surged past all-time highs in recent months, surpassing $70,000 per Bitcoin, while Ethereum’s price has tripled and Ripple’s XRP has also risen.
Ripple
Now, with the Federal Reserve quietly acknowledging that gold is replacing the US dollar, bitcoin and cryptocurrency investor Brock Pierce said it’s only a matter of time before China reopens its digital doors to cryptocurrencies after a 2021 crackdown caused bitcoin prices to crash.
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Chinese President Xi Jinping is overseeing a crackdown on Bitcoin and cryptocurrencies in China, which … [+]
Will China Open Up? [to crypto]“…I think it’s inevitable,” said Pierce, a former child actor and co-founder of Tether, the USDT-pegged stablecoin issuer.
Tether
Pierce, who is also chairman of Bitcoin,
Bitcoin
Update 06/10: This week, G7 leaders are expected to warn smaller Chinese banks about their ties to Russia after sanctions “encouraged the use of underground financing channels and banned cryptocurrencies.” report by Reuters.
At a summit of the G7 advanced democracies in Italy this week, leaders are expected to issue a stern new warning to small Chinese banks to stop helping Russia evade Western sanctions, and the meeting is expected to focus on the threat that expanding trade between China and Russia poses to the war in Ukraine.
In April report After big Chinese banks pulled back from financing Russia-related transactions, some Chinese companies are reportedly turning to smaller banks along the border and to cryptocurrencies.
“Our concern is that China is increasingly becoming a factory for the Russian war machine. Given that Russian military ambitions clearly threaten the existence of Ukraine, and increasingly European security, NATO, transatlantic security, China could be called an arsenal of authoritarian regimes,” said Daleep Singh, deputy national security adviser for international economics. Reuters.
Bitcoin and cryptocurrencies have been touted by some as a potential way around strict financial regulations after the U.S.-led Western coalition imposed sanctions on Russia following Russia’s invasion of Ukraine.
Last month, attendees at the Hong Kong Bitcoin Conference sparked speculation that the much-talked-about Hong Kong spot Bitcoin ETF could eventually be opened up to mainland Chinese investors.
“I think Hong Kong is ahead of the curve in a lot of ways,” Pierce said. “Hong Kong’s main opportunity is [traditional finance]Hong Kong’s digital dollar stablecoin has huge potential.”
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Bitcoin prices have soared in the last year, outselling Ethereum, XRP, … [+]
Pearce added that China’s supply chain advantages “clearly present a huge opportunity.” [in Hong Kong]”
There was further sign this week that Hong Kong and China are slowly warming back to Bitcoin and cryptocurrencies when Dubai-based crypto exchange Bybit announced it would allow overseas Chinese nationals to open accounts and trade cryptocurrencies.
“Bybit, one of the world’s top three cryptocurrency exchanges by trading volume, is pleased to announce that it will expand its service offerings to the overseas Chinese community,” the company said in a statement. “This move responds to the growing demand from Chinese expatriates and the overseas Chinese community for a secure, reliable and easy-to-use cryptocurrency trading platform.”
