This week has seen dramatic fluctuations in the price of bitcoin as former president Donald Trump and U.S. President Joe Biden were cautioned that there is “only one way to save the dollar.”
Following the success of Wall Street’s spot bitcoin ETFs, the price of bitcoin has surpassed its previous all-time high in recent months, rising above $70,000 per bitcoin. This has helped the price of ethereum triple and Ripple’s XRP add nearly 50% since their 2022 lows. Additionally, the chief executive of Ripple has made a prediction about a “inevitable” new crypto exchange-traded fund (ETF).
Bitcoin and cryptocurrency investor Brock Pierce has stated that it’s only a matter of time before China reopens its digital doors to crypto after its 2021 crackdown tanked the price of bitcoin. This is in light of the Federal Reserve’s recent, covert admission that gold is gradually replacing the US dollar.
“Will China allow cryptocurrency? Pierce, a former child actor who cofounded Tether, a Hong Kong-based stablecoin issuer linked to the US dollar, ten years ago, told the South China Morning Post, “I’d say it’s inevitable.” “The question is not so much if, it’s a matter of when.”
Pierce, who also serves as the chairman of the Bitcoin Foundation, hinted at a new project based in Hong Kong to the SCMP, stating that he is “enthusiastic about what’s happening in Hong Kong,” a Chinese special administrative region that recently approved a few spot bitcoin and ethereum exchange-traded funds (ETFs), mirroring Wall Street’s actions.
The much-discussed Hong Kong spot bitcoin ETFs may someday be made available to investors in mainland China, according to rumors started last month by attendees of a bitcoin symposium in Hong Kong.
Pierce remarked, “I think Hong Kong is ahead in many ways.” “Traditional finance is, in my opinion, Hong Kong’s primary area of opportunity, and that’s where a Hong Kong digital dollar stablecoin has enormous potential.”
“There’s clearly a very big opportunity that exists [in Hong Kong],” Pierce continued, citing China’s advantage in its supply chain.
Further indications that China and Hong Kong are reopening to bitcoin and other cryptocurrencies were revealed this week when Bybit, a cryptocurrency exchange based in Dubai, declared that Chinese nationals residing abroad would be able to register accounts and trade cryptocurrencies.
“Bybit, one of the world’s top three crypto exchanges by volume, is pleased to announce the expansion of our service offerings to the overseas Chinese community,” the business stated in a statement. The reason for this action is the increasing need among Chinese expats and foreign Chinese communities for safe, dependable, and easy-to-use cryptocurrency trading platforms.
