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Cryptocurrency News Articles
Former U.S. President Donald Trump's Embrace Of Bitcoin And Crypto Means It Can No Longer Be Ignored
Sep 30, 2024 at 06:15 pm
Crypto "has negative impacts, and we must fully recognize its risks and the harm it poses to capital markets," Sina News quoted Zhu Guangyao
Former U.S. president Donald Trump's embrace of bitcoin and crypto this year has helped push the bitcoin price to new highs with his وعد to adopt a bitcoin strategic reserve if he retakes the White House in November.
Now, as Elon Musk meets with El Salvador's bitcoin-backing president Nayib Bukele, China's former minister of finance, Zhu Guangyao, has warned that Trump's bitcoin and crypto endorsements mean it can no longer be ignored.
“Crypto has negative impacts, and we must fully recognize its risks and the harm it poses to capital markets,” Sina News reported Zhu Guangyao as saying during a forum hosted by Tsinghua University. “However, we must also study the latest international changes and policy adjustments, as it is a crucial aspect of digital economy development.”
Zhu Guangyao reportedly referred directly to Trump's Bitcoin 2024 conference pledge in June to adopt a bitcoin strategic reserve if he retakes the White House in November, adding that if the U.S. doesn't take the lead on bitcoin and crypto development, then “China will do it.”
“Crypto is the steel industry of 100 years ago,” Trump said at the time. “You're just in your infancy. One day, it probably will overtake gold. There's never been anything like it.”
Trump's full-throated adoption of bitcoin and crypto via his family's mysterious World Liberty Financial crypto project and his non-fungible token (NFT) collections as well as his promises to relax regulations the crypto industry has claimed are stifling development have also pushed his White House rival, vice president Kamala Harris, toward a more crypto-friendly stance.
Speaking at a fundraiser Harris earlier this month, Harris said her administration would “partner together to invest in America’s competitiveness,” pointing to artificial intelligence and crypto as key areas of focus.
Following Trump's bitcoin and crypto endorsements this year, tron founder Justin Sun urged China to reconsider its stance on crypto, posting to X that China “needs to step up... U.S. policies have warmed. China should make further progress.”
China's 2021 bitcoin ban that made the trading and mining of cryptocurrencies illegal triggered a sudden bitcoin price crash at the time, however, some reports have suggested those rules are being flouted.
In June, crypto investor Brock Pierce predicted it's only a matter of time before China reopens its digital doors to crypto.
“Is China going to open up [to crypto]? … I'd say it's inevitable,” Pierce, a former child actor who cofounded the USDT dollar-pegged stablecoin issuer Tether in Hong Kong a decade ago, told the South China Morning Post. “The question is not so much if, it’s a matter of when.”
In May, attendees of a Hong Kong bitcoin conference sparked speculation the much-hyped Hong Kong spot bitcoin exchange-traded funds (ETFs) could eventually be opened up to mainland China investors.
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