Tron Founder Justin Sun Calls for China to Embrace Bitcoin Again
The influence and activity of China in the cryptocurrency space might benefit the whole industry. This is the train of thought of Justin Sun, the founder of Tron
The cryptocurrency space could benefit from the involvement and activity of China, according to Justin Sun, the founder of Tron, a smart contract-enabled cryptocurrency, who recently urged China to reconsider its stance on bitcoin.
Sun, a Chinese-born Grenadier, used X to appeal to Chinese authorities, highlighting the impact of former U.S. President Trump on the narrative and actions towards the crypto industry, to encourage them to embrace crypto.
“China also needs to step up,” Sun stated.
“U.S. crypto policy has warmed since President Trump hyped Bitcoin.”
China withdrew from cryptocurrency trading and mining activities in 2021, with several provinces cracking down on mining operations and the People’s Bank of China declaring digital assets unwelcome in the country. This move tested the resilience of the Bitcoin network, driving the total hashrate to record lows and sparking a large-scale mining exodus.
Chinese investors have also been pivoting to crypto following a downturn in the national equities market, using various loopholes to circumvent the ban.
Sun, however, believes that China can still play a significant role in shaping the bitcoin industry worldwide, complementing the U.S. “China should advance further in this domain,” he concluded.
“Competition between China and the U.sq. in Bitcoin policy will benefit the entire industry.”
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