Former US President Donald Trump, who is aiming to retake the White House this year, is back in the spotlight after actively embracing Bitcoin and cryptocurrencies this year.
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President Trump’s support for cryptocurrencies has helped send Bitcoin prices soaring in recent months, fueled by the growing crypto revolution on Wall Street.
While Elon Musk is currently meeting with El Salvador’s President Nayib Bukele, who supports Bitcoin, former Chinese finance minister Zhu Guangyao says he will no longer ignore President Trump’s acceptance of Bitcoin and cryptocurrencies. I warned him that it meant he couldn’t do it.
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Former US President Donald Trump’s aggressive adoption of Bitcoin and cryptocurrencies means that they can no longer be ignored.
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Sina News quoted Zhu Guangyao as saying at a forum hosted by Tsinghua University that virtual currencies “have a negative impact, and we must be fully aware of their risks and harm to the capital market.” “However, the latest international changes and policy adjustments should also be studied, as it is an important aspect of digital economic development.”
Zhu Guangyao directly referenced President Trump’s pledge at the Bitcoin 2024 conference in June to adopt a Bitcoin Strategic Reserve if he retakes the White House in November, saying, “If China does not take the lead in the development of Please do it. ”
President Trump said at the time that cryptocurrencies were “the steel industry of 100 years ago.” “You’re still in your infancy. One day you’ll probably overtake gold. There’s never been anything like this.”
President Trump’s full embrace of Bitcoin and cryptocurrencies through his family’s mysterious World Liberty Financial cryptocurrency project and non-fungible token (NFT) collection, and how the cryptocurrency industry is stifling development. The White House has also been encouraged by promises to ease restrictions it claims are in place. Her rival, Vice President Kamala Harris, has taken a more cryptocurrency-friendly stance.
Speaking at a fundraiser earlier this month, Harris said her administration would “work together to invest in America’s competitiveness,” and cited artificial intelligence and cryptocurrencies as areas of focus.
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Bitcoin prices have been buoyed this year by President Donald Trump’s acceptance of Bitcoin and cryptocurrencies as…(+) and expectations that China may be reopening its digital doors to Bitcoin I was helped and soared.
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Following President Trump’s support for Bitcoin and cryptocurrencies this year, Tron founder Justin Sun urged China to reconsider its position on cryptocurrencies, saying China “needs to step up… It’s getting hot. China needs to move forward.”
China’s 2021 Bitcoin ban, which made crypto trading and mining illegal, caused a sudden collapse in Bitcoin prices at the time, but some reports suggested these rules were being ignored. has been done.
Cryptocurrency investor Brock Pierce predicted in June that it was only a matter of time before China reopened its digital doors to cryptocurrencies.
“Is China going to open up[to cryptocurrencies]?…I think it’s inevitable,” said the former child actor, who co-founded USDT dollar-pegged stablecoin issuer Tether in Hong Kong 10 years ago. Pearce told the South China Morning Post. . “The question is not if, but when.”
In May, attendees at a Hong Kong Bitcoin conference revealed that Hong Kong’s much-touted Spot Bitcoin exchange-traded fund (ETF) will eventually be opened to mainland Chinese investors. This gave rise to speculation.
