China back in Crypto Race
China back in Crypto Race
It is amazing how face paced the crypto sector moves although something tells me that it isn't moving fast at all rather a number of things are building and occurring in the background and then released at certain times. It is kind of the basis of project management in that regard, milestones.
It was only yesterday that I reported on how Hong Kong Positions for Bitcoin Strong Hold and media is starting to catch up reporting on how Hong Kong is the most crypto ready nation in relation to regulations and retail investment.
This news is good news for the entire sector as for many years many nations have been jostling for the top spot to become the Crypto Hot Spot to not much action. In their defence many major crypto projects worth billions have toppled leaving many, angry. So you can see the hesitation for anyone to go in and regulate or try to regulate a new sector because once officials put their seal on it, the people will come.
Doesn't sound like a bad thing until you realise that the sector still has massive issues with scams and rugpulls and with an authorised environment should the higher ups say yes, if it fails then it is some ones fault and more than likely bail outs need to be provided.
So it is a far better and safer bet for the higher ups to just distance themselves and let the sector figure itself out and work at a snails pace to rectify issues, or more so have the regulators waiting to snap up the next failing project.
#BTC #cryptocurrency #ckb if you are not buying now, what are you waiting for? China official news network is pushing crypto in Hong Kong.
— apltang.bit (@apltang) May 24, 2023
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China Promotes Crypto
today is quite the interesting day as yesterday we raised how China banned crypto investment and it was @enforcer48 comment that picked up a really good point, one in that China never really banned crypto and that it was only off limits for retail investors.
So many in China have continued to mine and stock pile Bitcoin and many other crypto currencies creating more of a 2 tiered approach to the market in China. With a population of 1.4 Billion people even the smallest amount of people from China investing in Bitcoin makes huge dents and price rises in the sector.
But last night China Central Television (CCTV) screen a new ad once again promoting Crypto currency to their 1 billion viewer base which isn't particularly a small move when you consider the CCP operates the state television network.
Buying Power of the Chinese market
The ad itself isn't negative which goes against the narrative of Crypto currency is banned in China and promotes Hong Kong as a crypto ready nation. With China's 1.4 Billion population this could potentially lead to another huge bull run for crypto assets as many seek to circumvent current financial woes in the Chinese economy.
It's a pretty big deal in all and it could potentially cause another bull run led by the Chinese people as it now appears China is giving crypto currency the green light once again.
It's important to break down how important this information is to the sector and the main component is that there is a blanket ban on Bitcoin and operating an exchange is illegal however, owning crypto currency is not illegal.
China promotes Crypto
The move isn't an isolated one with many Chinese news sites commencing not just crypto ads on purchasing but on their price. Providing more exposure to the market which, for this app is 1 billion user accounts.
The information circulating about Crypto currency pricing plus now advertisement for Hong Kong based crypto exchanges looks to mean China is finally back in on the crypto race, if it ever left?.
We can probably expect to see some price movement across digital assets but with Bitcoin being outlawed the focus is probably going to cause a large amount of people to buy back into the market lifting prices once again.
There is no guarantee at this point as it's anyone's game but things are starting to look quite positive for the Chinese investors who will be able to purchase digital assets through Hong Kong.
Batten down the hatches because a storm maybe brewing.
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