Look, I think it’s only a matter of time before China gets around the Bitcoin ban completely. Yes, they banned trading and mining in 2021, but honestly, a lot has changed since then, especially this year. Bitcoin’s momentum globally has been crazy.
We have seen US President-elect Donald Trump call for stockpiling Bitcoin; Bitcoin ETFs get approved, Fed Chair Jerome Powell calls Bitcoin “digital gold,” Larry Fink comes out in favor of Bitcoin, and even Putin says nice things about it. Given all this, I wouldn’t be shocked if China had already started quietly accumulating sats (buying bitcoin).
Here’s why I think this: China doesn’t like to announce in advance what it’s doing – it’s just not the way they operate. Former Binance CEO CZ spoke about this recently at the Bitcoin MENA conference in Abu Dhabi, saying that while the US loves to make big public statements about upcoming policies (such as Trump announcing Bitcoin plans to woo voters), countries Asians prefer to move in silence.
And let’s not forget that China doesn’t have elections. They don’t need to win over public opinion like Trump does. If they are making moves with Bitcoin, they will do so quietly – and we’ll find out when they’re ready to make it official.
Now, with Trump’s big push for Bitcoin and cryptocurrencies, I can’t see China staying on the sidelines for too long. This is turning into a global race, and if China wants to remain competitive, it cannot afford to miss the Bitcoin bandwagon. My gut tells me they are already planning to unlock Bitcoin and cryptocurrencies – and I wouldn’t be surprised if that happens as early as the first quarter of next year, especially if Trump takes office.
Another great tip? Hong Kong. China has a long history of using Hong Kong as a sandbox to test things before launching them on the mainland. And this year we’ve seen Hong Kong take major steps: approving Bitcoin and crypto ETFs and greenlighting more cryptocurrency exchanges. Let’s be honest: this is no coincidence. They are planning to eliminate cryptocurrency taxes for institutions. I think China is watching closely and these are the first steps towards broader change.
In my opinion, China has probably been quietly accumulating bitcoin since the beginning. When the time comes, they will unlock it – and not just to compete with the United States, but to lead it. Watch this space. I think it will happen much sooner than most people expect.
This article is a Take. The opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.