China’s president Xi Jinping oversaw a crypto crackdown in 2021 that saw bitcoin as well as other smaller cryptocurrencies Ethereum, BNB, XRP, Cardano, Dogecoin, polygon’s matic, and Solana banned in the country.
BitcoinBTC -1.2%, Ethereum, and other major cryptocurrencies have struggled to regain momentum this year despite some of the world’s biggest companies quietly laying the groundwork for the next crypto price bull run.
The bitcoin price rally this year has stalled as fears rise the U.S. could crack down on bitcoin and other major cryptocurrencies Ethereum, BNB, XRP, Cardano, dogecoin, polygon and Solana.
Now, after TeslaTSLA +4.7% billionaire Elon Musk issued a surprise crypto warning this week, Changpeng “CZ” Zhao, the chief executive of the world’s largest crypto exchange Binance, has predicted China could be about to trigger the next bitcoin price bull run.
“China Central Television just broadcasted crypto,” CZ posted to Twitter alongside a link to CCTV’s website that showed a TV segment that featured a bitcoin ATM in Hong Kong and a sign that said, “Buy bitcoins.”
“It’s a big deal,” CZ said. “The Chinese-speaking communities are buzzing. Historically, coverages like these led to bull runs.”
China has had a fraught relationship with Bitcoin, Ethereum and other cryptocurrencies over the years, repeatedly cracking down on it. In 2021, China enacted its strictest crypto trading and mining ban yet, ejecting all bitcoin, Ethereum and crypto miners from the country.
Hong Kong followed China in clamping down on bitcoin and crypto trading platforms but has recently adopted a new crypto licensing regime that will allow the trading of established cryptocurrencies such as bitcoin and Ethereum from June 1.
The new rules will require all trading platforms and exchanges to apply for a license or risk fines and jail terms.
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