Ethereum
“A Very Big Opportunity”: Crypto Suddenly Bracing for a “Huge” Earthquake in China After Bitcoin, Ethereum, and XRP Prices Surge
Bitcoin Swung Hugely This Week like US President Joe Biden and former President Donald Trump were warned that there was “only one way to save the dollar.”
The price of bitcoin has surpassed its previous all-time high in recent months, climbing above $70,000 per bitcoin, helping the price of Ethereum triple and Ripple’s XRP rise nearly 50% from its low of 2022.as Ripple CEO releases ‘inevitable’ new crypto exchange-traded fund (ETF) prediction after success of Wall Street’s spot bitcoin ETFs.
NOW, with the Federal Reserve quietly admitting that gold is replacing the US dollarbitcoin and crypto investor Brock Pierce says it’s only a matter of time before China reopens its digital doors to crypto after its 2021 crackdown sent the price of bitcoin plummeting.
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Chinese President Xi Jinping has overseen a crackdown on Bitcoin and crypto in China that has weighed… [+] the price of Bitcoin, Ethereum, XRP and other major cryptocurrencies.
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“Will China open up? [to crypto]? …I would say it’s inevitable,” Pierce, a former child actor who co-founded Tether, the USDT dollar-pegged stablecoin issuer in Hong Kong a decade ago, said the South China Morning Post. “The question is not so much if, but rather when.”
Pierce, who is also chairman of the Bitcoin Foundation, teased a new Hong Kong-based SCMP venture, saying he is “excited about what’s happening in Hong Kong,” a special administrative region of China that recently gave the green light to a handful of spots. Bitcoin and Ethereum ETFs, following in Wall Street’s footsteps.
Last month, attendees at a Bitcoin conference in Hong Kong has sparked speculation that Hong Kong’s high-profile bitcoin spot ETFs could eventually be opened to mainland Chinese investors.
“I think Hong Kong is ahead in many ways,” Pierce said. “I think the biggest opportunity in Hong Kong lies in [traditional finance]and this is where a digital Hong Kong dollar stablecoin has huge potential.
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The price of Bitcoin has soared over the past year, boosting Ethereum, XRP and… [+] crypto market.
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Pierce added that China’s supply chain advantage means “there is clearly a very big opportunity that exists.” [in Hong Kong]”.
This week, new signs emerged of Hong Kong and China gradually reaccustoming themselves to bitcoin and crypto, with Dubai-based crypto exchange Bybit announcing it will allow Chinese nationals living abroad to open accounts and exchange cryptos.
“Bybit, one of the world’s top three crypto exchanges by volume, is pleased to announce the expansion of our service offerings to the overseas Chinese community,” the company said in a statement. “This move responds to the growing demand for secure, reliable and user-friendly cryptocurrency trading platforms among Chinese expatriates and international Chinese communities.”