Bitcoin
‘A huge opportunity’ – crypto suddenly poised for ‘tremendous’ earthquake in China after Bitcoin, Ethereum and XRP prices boom
Update 6/10 below. This post was originally published on June 8
Bitcoin has fluctuated wildly this week like US President Joe Biden and former president Donald Trump they were warned that “there is only one way to save the dollar”.
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The price of bitcoin has surpassed its previous record in recent months – rising above $70,000 per bitcoin, helping the price of ethereum triple and Ripple’s XRP
XRP
to add nearly 50% from its 2022 lows –as Ripple chief executive issues ‘inevitable’ prediction of new crypto exchange-traded fund (ETF) following success of Wall Street’s spot bitcoin ETFs.
Now, with the Federal Reserve quietly admitting that gold is replacing the US dollarBitcoin and crypto investor Brock Pierce said it’s only a matter of time before China reopens its digital doors to crypto after the 2021 crackdown drove down the price of bitcoin.
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China’s President Xi Jinping has overseen a crackdown on bitcoin and crypto in China that has weighed on… [+] the price of bitcoin, ethereum, XRP and other major cryptocurrencies.
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“China will open up [to crypto]? … I would say it’s inevitable,” Pierce, a former child actor who co-founded Tether, the USDT’s dollar-pegged stablecoin issuer.
Lashing
in Hong Kong a decade ago, counted the South China Morning Post. “The question is not so much if, but rather when.”
Pierce, who is also president of Bitcoin
Bitcoin
Foundation, teased a new Hong Kong-based venture for SCMP, saying it is “excited about what’s happening in Hong Kong,” a special administrative region of China that recently greenlit a handful of bitcoin spot ETFs and ethereum, following in Wall Street’s footsteps.
Update 10/6: This week, G7 leaders plan to warn small banks in China about their ties to Russia after sanctions “fueled the use of underground financing channels or banned cryptocurrency,” it was reported. reported by Reuters.
During this week’s G7 meeting of rich democracies in Italy, leaders are expected to send a tough new warning to China’s small banks to stop helping Russia evade Western sanctions, with meetings expected to focus on the threat that growing Sino-Russian trade poses to war. in Ukraine.
In April, it was reported that after China’s big banks stopped financing Russia-related transactions, some Chinese companies turned to small border banks and cryptocurrency.
“Our concern is that China is increasingly the factory of the Russian war machine. You could call it the arsenal of the autocracy when you consider that Russia’s military ambitions obviously threaten the existence of Ukraine, but increasingly European security, NATO and transatlantic security,” said Daleep Singh. , deputy national security advisor for international economics, was cited by Reuters.
Following the implementation of US-led Western sanctions against Russia following the invasion of Ukraine, bitcoin and cryptography have been touted by some as a potential way to escape strict financial rules.
Last month, attendees at a bitcoin conference in Hong Kong sparked speculation that Hong Kong’s much-touted spot bitcoin ETFs could eventually be opened to mainland Chinese investors.
“I think Hong Kong is ahead in many ways,” Pierce said. “I think the main opportunity in Hong Kong is in [traditional finance]and that’s where a Hong Kong dollar digital stablecoin has tremendous potential.”
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ForbesBitcoin Poised to Go ‘Parabolic’ After ‘Incredible’ Repeat 2017 Price CrashBy Billy Bambrough
The price of bitcoin has soared over the last year, boosting ethereum, XRP and… [+] crypto market.
Forbes Digital Assets
Pierce added that China’s supply chain advantage means “there is clearly a huge opportunity [in Hong Kong].”
This week, there were more signs that Hong Kong and China are gradually returning to bitcoin and crypto, with Dubai-based crypto exchange Bybit announcing that it will allow Chinese citizens living abroad to open accounts and trade crypto.
“Bybit, one of the world’s three largest cryptocurrency exchanges by volume, is pleased to announce the expansion of our service offerings to the overseas Chinese community,” the company said in a statement. “This measure is in response to the growing demand for safe, reliable and easy-to-use cryptocurrency trading platforms among Chinese expatriates and international Chinese communities.”