As the US strives to strengthen its position in global crypto industry, China may face pressure to rethink its policies in this area.
Predictions for China's Crypto Policy Changes
According to Xiao Feng, CEO and Chairman of Hong Kong-based HashKey crypto exchange, changes in China's crypto space are becoming increasingly possible, especially as major economies look to capitalize on the sector's growth potential.
Effect of Donald Trump's Policies on the Crypto Market
Donald Trump's pro-crypto agenda has ignited enthusiasm throughout the industry, with Bitcoin reaching record highs and the global crypto market cap surpassing $3 trillion. Expectations that his policies will clear regulatory hurdles in the US could influence other nations, including China, to reconsider their restrictive policies.
Crypto Market Reaction to Global Changes
Post-elections, the crypto market is in green. The rise of Bitcoin and altcoins indicates growing confidence in the sector. Xiao Feng suggests that within two years, China could start relaxing its crypto restrictions.
Global changes in policies by major economies could act as a catalyst for China to reconsider its stance on cryptocurrencies. The influence of the US, especially post-elections, could urge China to partially or fully re-evaluate its bans.
