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The Chinese Bitcoin (BTC) market might soon be getting a new wave of attention as scholars in the country have acknowledged the property attributes of the coin.
Bitcoin ban might be lifted
Bitcoin in China has been known to be banned since at least June 2021; however, the question of whether its ban is complete one remains on the horizon. While trading exchanges and influencers suffered crackdowns in the country on the country’s orders, the trend may soon be changing drastically.
Alex DovbnyaChinese scholars believe Bitcoin and digital currencies have a relatively small space for legal order in the country. Against the general notion held by the public, they claim that Bitcoin is not completely banned and that it is not contraband.
This new position changes the paradigm as to how Bitcoin is perceived both in and outside of China. Prior to the ban in 2021, China accounted for a large Bitcoin mining hashrate. Before the United States and other major Bitcoin hubs took over, the market relied on the liquidity that emanated from China.
The industry has long adjusted, however, the reboot in Bitcoin sentiment and potential reapproval of trading might further complement the growth outlook of BTC.
Spot Bitcoin ETF in Hong Kong
The spot Bitcoin ETF launch in Hong Kong might serve as a direct getaway for Chinese investors in the interim. Though there is a very delicate line here, comments from Chinese scholars might set a precedent that could usher in a new era of adoption.
Gamza KhanzadaevAlready, scholars believe Bitcoin is a property and can be traded since it has economic value. Whether or not this position is enough to change the regulators’ stance remains to be seen; however, the market is optimistic about a massive turnaround in the unfavorable China Bitcoin ban.
Bitcoin inked an uptick today with its price up 1.90% to $64,897.90, a trend that might surge once the market prices in this news.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov