Donald Trump's crucial China nightmare suddenly comes true

Donald Trump, the former US president who hopes to retake the White House this year, has brought bitcoin and crypto back into the spotlight by embracing the technology this year.

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Trump's support for crypto has contributed to the rise in bitcoin's price in recent months, driven by a growing crypto revolution on Wall Street.

Today, as Elon Musk meets with bitcoin-friendly Salvadoran President Nayib Bukele, former Chinese Finance Minister Zhu Guangyao warned that Trump's embrace of bitcoin and crypto means they won't can no longer be ignored.

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ForbesStrap InSerious $40,000 Bitcoin Price Crash Warning Issued as Fed Suddenly Prepares for US Dollar Crisis Set to Trigger Total CollapseBy Billy Bambrough

Former US President Donald Trump's embrace of bitcoin and crypto means it can no longer be… [+] ignored.

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Crypto “has negative impacts, and we must fully recognize its risks and the damage it poses to capital markets,” Zhu Guangyao was quoted as saying by Sina News at a forum hosted by Tsinghua University. “However, we also need to study the latest international changes and policy adjustments, as this is a crucial aspect of the development of the digital economy.”

Zhu Guangyao reportedly directly referenced Trump's pledge at the Bitcoin 2024 conference in June to adopt a Bitcoin strategic reserve if he takes over the White House in November, as well as a warning that if the U.S. don’t take the lead in Bitcoin and crypto development, then “China will”. do it.”

Crypto is “the steel industry of 100 years ago,” Trump said at the time. “You're still in your infancy. One day it will probably surpass gold. There's never been anything like it.”

Trump's embrace of bitcoin and crypto through his family's mysterious World Liberty Financial crypto project and its non-fungible token (NFT) collections, as well as his promises to ease regulations that the crypto industry considers a stifling development have also pushed his White House. rival Vice President Kamala Harris toward a more crypto-friendly stance.

Speaking at a Harris fundraiser earlier this month, Harris said his administration would “partner together to invest in the competitiveness of the Americas,” naming artificial intelligence and cryptography as areas of focus. key interests.

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Forbes, $16 Trillion by 2030BlackRock Quietly Backs Radical New U.S. Dollar Rival Amid Bitcoin, Crypto Price BoomBy Billy Bambrough

The price of bitcoin has surged this year, helped by Donald Trump's embrace of bitcoin and crypto as… [+] as well as expectations that China may be about to reopen its digital doors to bitcoin.

Forbes Digital Assets

Following Trump's endorsements of bitcoin and crypto this year, tron ​​founder Justin Sun urged China to reconsider its stance on crypto, posting on X that China “needs to step up its efforts… U.S. policies have warmed up. China is expected to make further progress.”

China's 2021 bitcoin ban, which made trading and mining cryptocurrencies illegal, triggered a sudden drop in bitcoin's price at the time. However, some reports suggest that these rules are being flouted.

In June, crypto investor Brock Pierce predicted that it was only a matter of time before China reopened its digital doors to crypto.

“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, told the South China Morning Post. “The The question is not so much whether it is a question. when.”

In May, attendees at a bitcoin conference in Hong Kong sparked speculation that Hong Kong cash exchange-traded funds (ETFs) could eventually be opened to mainland Chinese investors.

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