The Chinese Bitcoin (BTC) market could soon receive a new wave of attention, as has the country’s academics. admitted the property attributes of the currency.
The Chinese Bitcoin (BTC) market could soon receive a new wave of attention, as has the country’s academics. admitted the property attributes of the currency.
Bitcoin ban could be lifted
Bitcoin in China is known to have been banned since at least June 2021; However, the question of whether its ban is complete remains on the horizon. While business exchanges and influencers have suffered a crackdown in the country by order of the country, the trend may soon be changing drastically.
Chinese scholars believe that Bitcoin and digital currencies have relatively little room for legal order in the country. Contrary to the general notion of the public, they claim that Bitcoin is not completely prohibited and that it is not contraband.
This new position changes the paradigm on how Bitcoin is perceived both inside and outside of China. Before the 2021 ban, China accounted for a large Bitcoin mining hash rate. Before the United States and other major Bitcoin hubs took over, the market depended on liquidity emanating from China.
The industry has been tightening for a long time, however, the restart of Bitcoin sentiment and the possible re-approval of trading could further complement BTC’s growth prospects.
Spot Bitcoin ETF in Hong Kong
Meanwhile, the timely launch of the Bitcoin ETF in Hong Kong could serve as a direct outlet for Chinese investors. Although there is a very delicate line here, the comments from Chinese academics could set a precedent that could usher in a new era of adoption.
Academics already believe that Bitcoin is property and can be traded because it has economic value. Whether or not this position is enough to change the regulators’ stance remains to be seen; However, the market is optimistic about a massive change in China’s unfavorable Bitcoin ban.
Bitcoin recorded a rally today with its price rising 1.90% to $64,897.90, a trend that could increase once the market values this news.
