If China soon welcomes crypto: strong bullrun?

[Altcoin1998$]

From what I have experienced in my personal life, China is known to be an opportunistic country in cryptocurrencies. China has banned Bitcoin many times before and re-legalized Bitcoin. Although China is a populous country and millions of users from China have invested in Bitcoin, this positive announcement or negative from China.The announcement may not generate much buzz in the Bitcoin market right now. Investors have understood this opportunistic announcement by China, which is why people do not want to take much positive in this announcement of China, regardless of whether China bans or recognizes Bitcoin.

[Gideon99]

The crypto market has suffered many negative impacts when China has made tough decisions against crypto in recent years:

• 2013: China bans banks from crypto transactions
• 2017: China bans crypto initial coin offerings
• 2019: Attention turns to bitcoin mining
• 2020: Enforcement ramps up
• 2021: China bans crypto trading and mining^[1]

Every time there is negative information from China, the crypto community often worries because bans can cause the crypto market to lose investors and abundant cash flow from China. However, the crypto market continues to grow and is not dependent on any country. Even when China banned Bitcoin mining, miners came to the United States and helped the United States become the leading country in mining power, accounting for 35.4% of the hash rate, nearly double the second place, Kazakhstan, with 18.1%^[2].

Besides, China's relationship with cryptocurrency is more nuanced than the simple "banned" label often applied by Western media. While authorities cracked down on several aspects, individual ownership and peer-to-peer trading remain largely untouched^[3].

There are many reasons for this problem, I think that by pushing crypto into the gray area, China might keep crypto at arm's length while exploring blockchain tech and central bank digital currencies e-CNY from 2019: 120 million wallets, 26 cities serving as test beds and 5.6 million merchants registered to use the currency national, total transactions had reached 950 million with a cumulative value of 1.8 trillion yuan (US$249.9 billion) by the end of June 2023^[4].

Recently, Hong Kong, which is considered a territory strongly influenced by China, has opened its doors to crypto^[5]. This may be an experiment with crypto that China wants to conduct before opening up and adopting crypto in the mainland.

I personally believe that China is wise enough to realize the potential of crypto for the development of the economy, at least regarding the lucrative crypto tax source for the national budget. They are just developing their own CBDC and conducting small-scale testing in Hong Kong before opening up to crypto throughout the territory. If this happens, a huge amount of capital from Chinese investors could flow into the crypto market and create strong growth. I hope that this comes in 2025 and we have an extremely strong bullrun and take BTC to $100K.

What do you think about how China manages crypto? Is this an effective approach? What could China be planning with crypto in the future?
[1] China Crypto Bans: A Complete History
[2] 60+ Bitcoin Mining and Energy Consumption Statistics For 2024 You Need to Know
[3] China Never Completely Banned Crypto
[4] What’s the state of China’s digital yuan in 2023?
[5] As the US cracks down on crypto, Hong Kong extends a warm welcome

If china was to reserve it current situation on crypto currency and start trading it . It will lead to a strong bulk run in market. China is the largest worlds cryptocurrency mining county, and china could allow the use of cryptocurrency, it would be a significant impact on the overall crypto market. It's definitely not certain to know what will happen if china change it stands on cryptocurrency.

[Cryptsafe]

From what I have experienced in my personal life, China is known to be an opportunistic country in cryptocurrencies. China has banned Bitcoin many times before and re-legalized Bitcoin. Although China is a populous country and millions of users from China have invested in Bitcoin, this positive announcement or negative from China.The announcement may not generate much buzz in the Bitcoin market right now. Investors have understood this opportunistic announcement by China, which is why people do not want to take much positive in this announcement of China, regardless of whether China bans or recognizes Bitcoin.

If I get you clear, you are talking about China being an opportunist country and I believe being an opportunist country, they always want to see how they could take advantage of things in their favor but I believe wether being opportunist country or not, China has the market power and will and whenever chinese government makes any statement, it affects what ever direction that statement goes or is focused on. They got the population, the have a strong economy so they gave say in the world economy as well. Do not forget that they are are contending force in the production industry so anything they say or do have some side effects as well.

[doc]

If I get you clear, you are talking about China being an opportunist country and I believe being an opportunist country, they always want to see how they could take advantage of things in their favor but I believe wether being opportunist country or not, China has the market power and will and whenever chinese government makes any statement, it affects what ever direction that statement goes or is focused on. They got the population, the have a strong economy so they gave say in the world economy as well. Do not forget that they are are contending force in the production industry so anything they say or do have some side effects as well.

Yes, China has great economic power as one of the countries with the world's largest economy and we know its population is very large, so statements coming out of China about bitcoin will affect the crypto market.

[Faisal2202]

What do you think about how China manages crypto? Is this an effective approach? What could China be planning with crypto in the future?

OMG, you always come up with unique and interesting posts, that are totally new for me, just like the article in this post that says China never bans crypto completely, I mean I read news where the Chinese government punished a government officer for using crypto and gave him a long sentence, I read many other news as well, but what I did not know that $90 billion of dollars are traded only on Binance and only in one month that's shockingly amazing.

Well, this indicates one thing that all the western media or other media that are creating an environment in the world's population's mind, that china is not supporting crypto and strictly prohibit it, are the actors of a single country which is getting the most of the benefit, I mean, before it was china, on which all eyes were, and now its USA and the most benefit is also to USA as well, and there is no doubt that big influencers sitting in USA have great control on all types of medias. Well, sadly that's not right. Things should be made crystal clear to people.

[legend45]

If I get you clear, you are talking about China being an opportunist country and I believe being an opportunist country, they always want to see how they could take advantage of things in their favor but I believe wether being opportunist country or not, China has the market power and will and whenever chinese government makes any statement, it affects what ever direction that statement goes or is focused on. They got the population, the have a strong economy so they gave say in the world economy as well. Do not forget that they are are contending force in the production industry so anything they say or do have some side effects as well.

Yes, China has great economic power as one of the countries with the world's largest economy and we know its population is very large, so statements coming out of China about bitcoin will affect the crypto market.

Many people hope that the Chinese government will allow Bitcoin, but we should not hope about that. Because China has always been against Bitcoin. Even though China, as a large country economically and in population, has always opposed Bitcoin, to this day Bitcoin still exists and is more popular than before.

[Cryptsafe]

If I get you clear, you are talking about China being an opportunist country and I believe being an opportunist country, they always want to see how they could take advantage of things in their favor but I believe wether being opportunist country or not, China has the market power and will and whenever chinese government makes any statement, it affects what ever direction that statement goes or is focused on. They got the population, the have a strong economy so they gave say in the world economy as well. Do not forget that they are are contending force in the production industry so anything they say or do have some side effects as well.

Yes, China has great economic power as one of the countries with the world's largest economy and we know its population is very large, so statements coming out of China about bitcoin will affect the crypto market.

Many people hope that the Chinese government will allow Bitcoin, but we should not hope about that. Because China has always been against Bitcoin. Even though China, as a large country economically and in population, has always opposed Bitcoin, to this day Bitcoin still exists and is more popular than before.

Of a truth China has a great population that could trigger a hike in Bitcoin price and if that happens, it is a good thing and it would positively be in favour of Bitcoin enthusiast. I wish the Chinese government would look into it and see the reasons why Bitcoin is good to be classified as a financial legal tender and immediately approve of it to be adopted and  integrated into the financial system of their economy. That alone could trigger other nations looking up to China to follow suit to accepting Bitcoin and other Crypto currency.
 
These are just assumption and not the reality.  Do not misquote me.

[pacar_tiri]

Many people hope that the Chinese government will allow Bitcoin, but we should not hope about that. Because China has always been against Bitcoin. Even though China, as a large country economically and in population, has always opposed Bitcoin, to this day Bitcoin still exists and is more popular than before.

The Chinese government is very smart, they will not allow bitcoin to enter their country because they are aware that bitcoin is very dangerous, bitcoin is currently controlled by many people and most of them are the global elite who have a lot of money, perhaps from China's opponents, so that's how It is best for them to strongly reject bitcoin so that their people are not affected by the bad effects of bitcoin.

[cebo]

The crypto market has suffered many negative impacts when China has made tough decisions against crypto in recent years:

• 2013: China bans banks from crypto transactions
• 2017: China bans crypto initial coin offerings
• 2019: Attention turns to bitcoin mining
• 2020: Enforcement ramps up
• 2021: China bans crypto trading and mining^[1]

What do you think about how China manages crypto? Is this an effective approach? What could China be planning with crypto in the future?

China has a very large market capacity and there is a lot of news that China wants to defeat the dominance of the US Dollar.
But the reality is that if China is like this, it will be very difficult to beat the USD Dollar because we all know that the USD has become a currency that is bought and sold almost all over the world.

In cryptocurrency, China will be able to continue to support every project that can make money because as I mentioned earlier, China wants to defeat the dominance of the US Dollar from around the world and China will do whatever it takes, including managing cryptocurrency.

[bitterguy28]

From what I have experienced in my personal life, China is known to be an opportunistic country in cryptocurrencies.

well that is not just for cryptocurrencies mate but China is opportunistic in everything in this world .

they even taking advantage in everything that they have a chance to take.

China has banned Bitcoin many times before and re-legalized Bitcoin. Although China is a populous country and millions of users from China have invested in Bitcoin, this positive announcement or negative from China.The announcement may not generate much buzz in the Bitcoin market right now. Investors have understood this opportunistic announcement by China, which is why people do not want to take much positive in this announcement of China, regardless of whether China bans or recognizes Bitcoin.

banning bitcoin in china will never bring bitcoin down instead they are just hindering their people to earn and to have chances in this area of profiting and using.

[MrSpasybo]

OMG, you always come up with unique and interesting posts, that are totally new for me, just like the article in this post that says China never bans crypto completely, I mean I read news where the Chinese government punished a government officer for using crypto and gave him a long sentence, I read many other news as well, but what I did not know that $90 billion of dollars are traded only on Binance and only in one month that's shockingly amazing.

Well, this indicates one thing that all the western media or other media that are creating an environment in the world's population's mind, that china is not supporting crypto and strictly prohibit it, are the actors of a single country which is getting the most of the benefit, I mean, before it was china, on which all eyes were, and now its USA and the most benefit is also to USA as well, and there is no doubt that big influencers sitting in USA have great control on all types of medias. Well, sadly that's not right. Things should be made crystal clear to people.

I don't like to dwell on conspiracy theories, but I've always believed that the Chinese government has always had many big plans to increase its position in the world: economically, technologically, and even in crypto. China is very enthusiastic about researching and finding ways to apply blockchain technology, and at the same time implementing CBDC as e-CNY, they don't want to miss out on this attractive market. The only thing we don't know is: when will China return and what strategy will they return with?

I think there is always room for Chinese investors in the crypto market, and their capital will make the crypto market grow stronger. But I fear that China's CBDC will be learned and applied in other countries, making CBDC popular and having a negative impact on people through high control.

[Faisal2202]

I don't like to dwell on conspiracy theories, but I've always believed that the Chinese government has always had many big plans to increase its position in the world: economically, technologically, and even in crypto. China is very enthusiastic about researching and finding ways to apply blockchain technology, and at the same time implementing CBDC as e-CNY, they don't want to miss out on this attractive market. The only thing we don't know is: when will China return and what strategy will they return with?

As you already have stated in your main post about their second division Hong Kong which is crypto-friendly and welcomes every investor and crypto platform. Promoting crypto in every narrative. I already knew the info from BTT shared it a lot of time there, the point is, Chinese might not be allowed to do trading, or other crypto related stuff in public or openly but they can go to HK the second division part of China which have its own monetary system, government system, but still under the control of China. When I get to know this info back in time, I then realized that China is going to make a comeback soon, maybe not now but when some bul run will come. And now your post has shed more light on this case for me that crypto is not banned its just not regulated.

I think there is always room for Chinese investors in the crypto market, and their capital will make the crypto market grow stronger. But I fear that China's CBDC will be learned and applied in other countries, making CBDC popular and having a negative impact on people through high control.

Chinese are investing there funds in crypto and there is no doubt in that, they are loyal people I don't think they will face any problem in accepting the CBDC or so called e-cny system. Because they like to pay tax for the sake of there country. I like that kind of mentality. CBDC have its own pros and cons but I suggest it will only increase the adoption of crypto either goes as planned or not.

[MrSpasybo]

As you already have stated in your main post about their second division Hong Kong which is crypto-friendly and welcomes every investor and crypto platform. Promoting crypto in every narrative. I already knew the info from BTT shared it a lot of time there, the point is, Chinese might not be allowed to do trading, or other crypto related stuff in public or openly but they can go to HK the second division part of China which have its own monetary system, government system, but still under the control of China. When I get to know this info back in time, I then realized that China is going to make a comeback soon, maybe not now but when some bul run will come. And now your post has shed more light on this case for me that crypto is not banned its just not regulated.

Chinese are investing there funds in crypto and there is no doubt in that, they are loyal people I don't think they will face any problem in accepting the CBDC or so called e-cny system. Because they like to pay tax for the sake of there country. I like that kind of mentality. CBDC have its own pros and cons but I suggest it will only increase the adoption of crypto either goes as planned or not.

We will wait and see the progress of crypto in Hong Kong and the reaction of China. China has been silent throughout the 2020 cycle but recently they have warned people about the insecurity of investing in BTC and crypto. I'm not sure this is negative news, maybe they are just preparing to accept crypto after the success of Hong Kong.

I don't like China's CBDC. e-CNY does not operate on the blockchain and it is not really transparent. It is just a centralized token and similar to digital money in a banking app. I am waiting for a better CBDC that is backed by the government and operates on public blockchains!

[milewilda]

Ban or not, it doesnt matter because this market could pump out with or without them. Come to think that we've been into those peaks without needing anyone.
It would matter in overall or global recognition or adoption but of course there would be some exclusions into those countries or government who do really hate up crypto.
Somehow we cant really be able to deny that on the time that China would really be kicking in then it would really be giving out that kind of significant effect
which it could drive up the price even more. Cant really deny their purchasing power when it comes on everything.

[MrSpasybo]

Ban or not, it doesnt matter because this market could pump out with or without them. Come to think that we've been into those peaks without needing anyone.
It would matter in overall or global recognition or adoption but of course there would be some exclusions into those countries or government who do really hate up crypto.
Somehow we cant really be able to deny that on the time that China would really be kicking in then it would really be giving out that kind of significant effect
which it could drive up the price even more. Cant really deny their purchasing power when it comes on everything.

The growth of the crypto market in the 2021 bullrun is perhaps the clearest evidence that the crypto market is not dependent on any country. However, it would be better if the market had more investors and money flow.

Many people have blamed the fact that BTC was unable to reach $100K in 2021 on the FED's decision or the weak participation of Chinese investors. Therefore, I believe that when investors in the world's second largest economy participate in the crypto market, the explosion of crypto will be even more violent, especially for tokens with teams in China such as Neo and Tron.

I hope that the experiment in Hong Kong will soon bring good results and that China will open up to crypto in early 2025, creating the momentum for crypto total cap to surpass Gold cap ~ $15.4T in this cycle.