Look, I think it’s only a matter of time before China pulls a complete 180 on its Bitcoin ban. Yes, they banned trading and mining back in 2021, but to be honest, a lot has changed since then – especially this year. The Bitcoin momentum around the world has been insane.
We’ve seen US President-elect Donald Trump call for a Bitcoin hoard; Bitcoin ETFs are gaining traction, with Fed Chairman Jerome Powell calling Bitcoin “digital gold,” Larry Fink flipping pro-Bitcoin, and even Putin saying good things about it. All this being said, I wouldn’t be shocked if China has already started hunting for sats (to buy bitcoin).
Here’s why I think: China doesn’t like to announce what it’s doing up front – it’s just not how it works. The former CEO of Binance CZ spoke about this recently at the Bitcoin MENA conference in Abu Dhabi, saying that while the US likes to make big public statements about future policies (like Trump announcing Bitcoin plans in the court of voters), countries in Asia chose to submit quietly.
And let’s not forget that China has no elections. They don’t need to win over public opinion like Trump did. If they make a move with Bitcoin, they’ll do it quietly – and we’ll find out when they’re ready to make it legal.
Now, with Trump’s big push for Bitcoin and crypto, I can’t see China sitting on the sidelines for too long. This is turning into a global race, and if China wants to stay competitive, it cannot afford to miss the Bitcoin train. My gut tells me that they are already planning to remove Bitcoin and crypto – and I wouldn’t be surprised if it happens in early Q1 next year, especially if Trump takes office.
Another big tip? Hong Kong. China has a long history of using Hong Kong as a sandbox to test things before exporting them to the mainland. And this year, we saw Hong Kong make a big move – allowing Bitcoin and crypto ETFs and green-lighting more crypto exchanges. Let’s be honest: this is no accident. They plan to end the crypto tax for institutions. I think China is paying close attention, and these are the first steps toward broader change.
In my opinion, China has probably been quietly hoarding bitcoin all along. When the time is right, they will stop it – not just to compete with the US, but to lead. Watch this space. I think it will happen much faster than most people expect.
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.
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