Dubai, Tuesday, June 11, 2024 – The June 6 announcement by Bybit, a major cryptocurrency exchange, has sparked widespread speculation that China might be softening its stance on cryptocurrencies.
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This has created a buzz in the crypto markets, further fueled by renowned author Robert Kiyosaki’s prediction that Bitcoin could reach $350,000 by August 2024.
Kiyosaki, famous for his pro-crypto stance and his book “Rich Dad, Poor Dad,” shared this forecast in a June 6 post on X, stating, “Bitcoin (BTC) may be setting up for a rise to $350,000 by August 25, 2024.” 2
While Bybit’s announcement and Hong Kong’s embrace of crypto ETFs suggest a potential shift in China’s stance, it’s important to note that no official policy change has been announced.
Bybit is expanding its services to “overseas Chinese communities,” which some interpret as a potential signal to Chinese citizens living abroad.
A Redditor commented, “They’re still not letting anyone living in mainland China use the platform. They’re allowing Chinese citizens living abroad to sign up and use the platform, which is only legally risky for the users, not Bybit, as they have no operations in China.”3
Several factors have converged to spark this speculation about a potential thaw in China’s crypto policy.
Hong Kong’s recent approval of Bitcoin exchange-traded funds (ETFs) might signal that mainland China is considering a similar approach, potentially allowing regulated investment in digital assets.
Then reports of Bybit resuming user registration in China, despite the official ban, raise questions about potential behind-the-scenes changes.
Influential voices within the crypto community, like “Cyclops” on X, are speculating on a near-future policy shift that could permit Bitcoin ownership in China, potentially leading to a significant market upswing. China’s next steps will be closely monitored by the global crypto market.
China has maintained a strict stance on cryptocurrencies since 2017, banning initial coin offerings (ICOs) and cracking down on mining operations. The announcement comes as Hong Kong, a Special Administrative Region of China, recently approved the trading of Bitcoin ETFs.
This move towards mainstream adoption in Hong Kong has further fueled speculation about a potential policy shift in mainland China.
Bybit, in its blog announcement, however, stressed its commitment to adhering to regulations in all markets it operates in, indicating that China’s stance could still be restrictive.
The Chinese government may opt for a controlled approach, allowing crypto investment through regulated channels like ETFs while maintaining restrictions on direct ownership by Chinese citizens.
The initial enthusiasm for blockchain technology in China faced government-imposed restrictions starting in 2017 due to concerns about financial risks and illegal activities. The crackdown intensified in 2021, targeting mining operations and prompting many businesses to relocate to more favorable jurisdictions. The success of Hong Kong’s Bitcoin ETFs and the growing popularity of U.S. crypto ETFs could further encourage China to reconsider its position.
For more details, you can read Bybit’s official announcement here.
- bybit.com: https://www.bybit.com/en/press/post/bybit-opens-up-platform-for-the-overseas-chinese-community-blt3f55034976075544[↩]
- x.com: https://x.com/theRealKiyosaki/status/1798476195232973066[↩]
- reddit.com: https://www.reddit.com/r/CryptoCurrency/comments/1dbn9v6/comment/l7sad2q/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button[↩]
