In This Post:
- Justin Sun calls for China to adopt more competitive Bitcoin policies.
- The US holds over $14 billion worth of Bitcoin.
- Competition between the US and China could benefit the entire cryptocurrency industry.
Justin Sun Calls for China to Revamp Bitcoin Strategy
Justin Sun, the founder of the Torn blockchain has called on China to review it’s Bitcoin policy. The United States is showing much more favourable stand towards bitcoin recently, Sun believes that China should also buy a green step up its game to remain competitive. He also suggests that a constructive competition between these two countries in the developing and implementing Bitcoin policies can be quite beneficial for the entire cryptocurrency industry.
US Leads with Pro-Bitcoin Policies
In recent days, the United States has taken many significant steps in order to create a more Bitcoin friendly environment in their country, especially since the former president, Donald Trump expressed his support towards bitcoin and the broader crypto sector in his recent speech at Bitcoin 2024 conference in Nashville. In that speech, Trump highlighted his commitments towards crypto currency and promised to dismiss SEC chair Gary Gensler and To establish a strategic bitcoin reserve, if he gets re-elected..
Currently, the United States government holds over 213,000 BTC, which is valued at approximately $14.8 billion, which makes the US government the largest national holder of bitcoin globally. This substantial holding reflects that the country is shifting its attitude towards bitcoin, which showcases a potential re-evaluation of regularity measures under Donald Trump‘s influence.
China’s Strict Crypto Regulations
Whereas, in contrast, China has maintained very strict crypto restrictions since 2017, despite holding a significant amount of bitcoin, China’s policies has remained quite rigid, which limits the growth and integration of cryptocurrency within its financial system. Sun’s call for policy reform is actually a response to the strict measures that emphasises the need for China to adopt a more competitive Bitcoin policy.
Sun believes that if China reforms its Bitcoin policies, it can match the United States recent adaptations towards Bitcoin and can set a very competitive and beneficial competition. He argues that this kind of competition will not only foster innovation but will also play a major role in driving the cryptocurrency industry forward.
Potential Benefits of Competition
If we combine bitcoin holdings of both the countries, China and the United States, the total will be around 400,000 Bitcoins. This is a significant amount that indicates the potential influence that both countries have on the global cryptocurrency market. Sun’s Suggestion for China at a more competitive bitcoin policy comes with a belief that this static rivalry between these two countries will eventually yield positive outcomes for the cryptocurrency industry.
By adopting better policies towards bitcoin, China can foster a more robust and dynamic crypto currency market, which will encourage innovation and growth. The competition could lead to more favourable regulation, increased adoption and a more vibrant and user-friendly ecosystem.
Looking Forward
Justin Sun’s calls for China to reform its Bitcoin policy is a quite significant step toward fostering a more quantitative and innovative global cryptocurrency market. The United States has already taken the lead under the leadership of Donald Trump previously, but Sun believes that China can still catch up with the United States by reforming its policies and encouraging innovation and integration in crypto currencies. if China bring changes in its cryptocurrency policy, it will enhance the competition between these two major countries which will contribute towards a dynamic and prosperous future for the crypto community
