Justin Sun has urged China to adopt a more forward-looking approach towards the crypto market. This stems from the fact that former US President Donald Trump has extended his support to Bitcoin and attempts to make the flagship crypto a key player in the market. BTC will likely reflect features of digital gold across the world. The founder of Tron Blockchain believes that the competition between the US and China can end up benefiting the industry on a broader level.
Sun published a social media post dated July 18, 2024. Justin emphasized that the industry will benefit from competition in Bitcoin policy. However, Donald Trump’s statements will have true value only if he is re-elected as the President of the US. Meanwhile, China has a better chance of gaining an edge with its policies.
China may end up reconsidering its stance on crypto markets. Analysts believe that Trump’s support and geopolitical dynamics will have a larger role to play here.
Matthew Pines from the Bitcoin Policy Institute said that Bitcoin and stablecoins could help counter the expansion of the digital authoritarianism of China, adding that they will bolster US sovereign debt markets. According to Bitcoin Treasuries, China and the United States own more than 400,000 Bitcoin tokens together.
To date, their approaches have been largely different. For instance, the US has reconsidered its stance on crypto and even approved Spot Bitcoin ETF and Spot Ether ETF. More crypto-regulated investment vehicles are in line to get clearance from the US Securities & Exchange Commission (SEC). Donald Trump had already announced that he would accept donations for his campaign in digital assets like BTC.
China, on the other hand, has mostly distanced itself from the crypto industry. It first started banning banks and financial institutions from handling cryptocurrencies in 2017. Then, in May 2021, the People’s Bank of China declared that all transitions involving Bitcoin and other cryptocurrencies were illegal. The scope of crypto mining in Asia has also significantly diminished. The same is gaining traction in the US.
Professor Wang Yang from the Hong Kong University of Science & Technology supports Justin Sun’s pitch. The professor has challenged China’s crypto ban, highlighting the geopolitical risks and potential benefits of embracing cryptocurrencies.
The development comes at a time when BTC is rebounding from a low point. At the time of writing this article, Bitcoin price is trading at $69,494.75, up 3.07% in the last 24 hours. It is next projected to reach the mark of $84,000 in the next 30 days. TRON has also made significant gains in the same time window. The token is up 1.35%, exchanging hands at $0.1389 at the press time. Prevailing sentiments for TRON are bullish, but the near-term projections showcase a downward trajectory for the native token of Tron Blockchain.