Table of Contents
Trump at Bitcoin 2024 Conference
Former US President Donald Trump was the main speaker on Saturday of the Bitcoin 2024 Conference. The speech provided by the Republican candidate seems to have inspired legislators and business leaders all over to demand their individual governments to take a position that is beneficial for cryptocurrencies and to build an economy competitive.
Justin Sun’s Call for Competitive Policy
Among these those who have pushed China to “step up” and change its policy on digital assets is Justin Sun, the creator of Tron. Justin Sun talked on Sunday about the visit Donald Trump paid to the Bitcoin 2024 Conference. Former US President Donald Trump promised to stop the “anti-crypto crusade” the Biden government was running as he was giving his address. Furthermore, he promised to fire Gary Gensler, the Securities and Exchange Commission’s head, on the first day of his government.
Reactions from China and Hong Kong
The founder of Tron asked the Chinese government to “step up” when the speech was over. Now that the Republican candidate has “pushed for Bitcoin” and the rules of the United States toward cryptocurrencies seem to be more friendly, China must “make further progress” in this industry, he says. Sun argues that “Competition between China and the United States in Bitcoin policy will benefit the entire industry.” This is so because, should China change its laws on cryptocurrencies, it would probably lead to healthy rivalry between the nations, therefore benefiting the whole sector.
Potential Shifts in China’s Stance on Digital Assets
After Sun’s essay was published, community members agreed with his observations and said, “we could see incredible innovation and growth” should China embrace Bitcoin. Some believe that the sector might even help even more nations involved in healthy rivalry. Notwithstanding this, many investors think that the country has “no incentives” to change its present legislative position. Furthermore, a lot of individuals questioned the “being loud about it first” approach politicians in the United States of America applied. The Chinese government has adopted a very hostile attitude toward mining and digital assets over several years. The Chinese government has banned mining activities and imposed regulations on digital assets as well. Regulatory authorities took these forceful actions against the business in order to stop financial crimes connected with digital assets and to lower the possible risks related with cryptocurrencies.
For further insights, visit our cryptocurrency website
Explore more about [Bitcoin’s price movements and market trends]
Be the first to comment