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.
Cryptocurrency – Bitcoin ETF
“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 rumours started last month by attendees of a bitcoin symposium in Hong Kong.
Pierce remarked, “I think Hong Kong is ahead in many ways.” “I think the main opportunity in Hong Kong is in [traditional finance], and that’s where a Hong Kong digital dollar stablecoin has tremendous potential.”
Pierce went on to say that “there’s clearly a very big opportunity that exists [in Hong Kong]” due to China’s supply chain advantage.
With Dubai-based cryptocurrency exchange Bybit stating it will permit Chinese nationals residing abroad to register accounts and trade cryptocurrency, this week saw more indications that Hong Kong and China are progressively becoming more accepting of bitcoin and other 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. “This move is in response to the growing demand for secure, reliable, and user-friendly cryptocurrency trading platforms among Chinese expatriates and international Chinese communities.”
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Source
Forbes
