- Tron founder Justin Sun is urging China to lift its Bitcoin ban and reengage with the crypto industry, arguing it could benefit global crypto markets
- China’s 2021 crackdown on Bitcoin and mining led to a significant migration of mining operations and affected Bitcoin’s hashrate
- Sun suggests that increased competition between China and the U.S. in cryptocurrency policy could drive industry growth and innovation
Justin Sun, the founder of Tron, is asking China to reopen its doors to Bitcoin and other cryptocurrencies. Sun says that if China embraced crypto again, it could really give the industry a boost and create some healthy competition with the U.S.
After China’s strict crackdown in 2021, which led to a lot of miners leaving the country and a big drop in Bitcoin’s hashrate, China has distanced itself from crypto trading. Sun thinks that a fresh approach could bring back innovation and give the global crypto market a big boost.
Justin Sun Urges China to Reconsider Bitcoin
Justin Sun, who started Tro, a smart contract-enabled cryptocurrency, is asking China to think again about Bitcoin. Sun, who was born in China but now lives in Grenada, used X (formerly Twitter) to suggest that China should be more open to crypto. He says this could be good for the global crypto space and help balance out U.S. policies.
Sun said that Trump’s push for Bitcoin had led to a change in U.S. policies on crypto. He thinks China should follow suit because competition between the two countries on Bitcoin policies could benefit the industry as a whole.
China’s Past Crypto Policies and Future Prospects
China backed away from crypto trading and mining in 2021 when several provinces cracked down on mining operations and the People’s Bank of China said digital assets weren’t welcome. This move put Bitcoin’s resilience to the test, driving its hashrate to historic lows and causing a massive mining migration.
It looks like Chinese investors are getting back into crypto. They’re looking for ways to get around the national ban after the stock market took a hit.
Sun believes China still has a significant role to play in the global Bitcoin industry and can serve as a counterweight to the U.S. “China needs to make further progress in this area. The competition between China and the U.S. on Bitcoin policies will benefit the whole industry,” he concluded.
Conclusions
In short, Justin Sun’s call for China to re-embrace Bitcoin could have a big impact. Despite the drastic changes caused by the 2021 ban, China still has the potential to play a key role in the global crypto scene.
Opening up to crypto could not only lead to some cool new innovations but also encourage healthy competition with the U.S., which would be great for the whole industry.
If China wants this to happen, they’ll need to rethink their policies and make it easier for cryptocurrencies to flourish, creating new opportunities for everyone.
