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.”
Subscribe now Crypto and Blockchain Advisor to Forbes And in the aftermath of Bitcoin’s halving, “discover the blockchain blockbuster that’s poised to deliver gains of over 1,000%.”
Bitcoin prices have surpassed all-time highs in recent months, topping $70,000 per Bitcoin, Ethereum’s price has tripled, and Ripple’s XRP has risen almost 50% from its 2022 lows. Ripple’s CEO has predicted the “inevitability” of a new cryptocurrency exchange-traded fund (ETF) following the success of Wall Street’s spot Bitcoin ETF.
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 has overseen a crackdown on Bitcoin and cryptocurrencies in China, which has weighed heavily on the Chinese economy. … [+]
Will China Open Up? [to crypto]“… I think it’s inevitable,” said Pierce, a former child actor who co-founded USDT-pegged stablecoin issuer Tether in Hong Kong a decade ago. South China Morning Post“The question is not if, but when.”
Pierce, who is also chairman of the Bitcoin Foundation, is running a new venture based in Hong Kong. South CarolinaHe said he is “enthusiastic” about what’s happening in Hong Kong, the special administrative region of China that recently approved spot trading of several bitcoin and ethereum ETFs, following Wall Street’s lead.
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.”
