Crypto in China has had a very confusing and tough ride, with it being commercially banned back in August 2018. Since then, we’ve seen major corporations shut down accounts and ban crypto users. However, now it appears as if the tables are turning once more, with the Bank of China posting an in-depth article about Bitcoin, including sections on how it works, why the price is rising, and why it’s valuable. If this isn’t bullish sentiment, then we’re not too sure what is.
America is the Key
China appears to be softening its stance on Bitcoin and crypto following Donald Trump’s recent Tweet about how he doesn’t like Bitcoin. In the days following this Tweet, Libra became the 2nd most talked about topic on Weibo in China and now the Bank of China is informing China all about Bitcoin. China is already known as the Bitcoin mining capital of the world, and Trump has admitted that China has the power to take control of Bitcoin. Owing to political tensions, it makes sense for China to be in favor of a digital asset that the American government is currently looking to ban.
Is China Realizing the Potential of Bitcoin?
On the other side of the coin – if you pardon the pun – the Chinese government could very well have figured out how to trace and track every single Bitcoin transaction, just like the US did back in the Silk Road case. It’s no secret that the Chinese government is keen to control every aspect of its citizens’ lives, owing to the great firewall.
Could Bitcoin pave the way for the government to track every single purchase in the nation? It’s well worth considering this as a possibility behind the recent article from the Bank of China.
Justin Sun Makes an Appearance
The article-cross-infographic contains some rather funky characters, including Justin Sun. Now, Justin Sun has nothing to do with Bitcoin, but he is the driving force behind Tron. Last week, Justin Sun was due to attend the Warren Buffet lunch, but after he was allegedly banned from leaving China, he was forced to delay the event. In the hours following the lunch, Sun posted a video of himself in San Francisco. It’s still not clear what this marketing hypester has to do with Bitcoin, but we’ll trust the Bank of China knows what it’s up to.
This is huge news from the Bank of China and is incredibly bullish. As the news about Bitcoin spreads around China, we can expect the crypto markets to head upwards. If China does in fact soften its stance towards Bitcoin, this could be the beginning of the next all-time high!