Justin Sun is of the opinion that the US-China crypto rivalry will be advantageous to the broader crypto industry.
According to Justin Sun, the founder of Tron, China should reconsider its position on cryptocurrency and adopt more lenient policies.
Sun’s call to action follows former President Donald Trump’s speech at the Bitcoin 2024 event, during which he committed to preventing China from controlling the global digital asset industry.
Sun recently encouraged China to strengthen its crypto regulations in response to former President Donald Trump’s recent praise of Bitcoin in a post on X on July 28. Sun claimed that U.S. policies have become more accommodating since President Trump advocated for Bitcoin.
At the Bitcoin 2024 event in Nashville, Tennessee, Trump delivered his remarks on July 27. He emphasized the importance of the United States adopting crypto technologies, stating that China is already making significant progress.
On the other side, Sun is optimistic about the prospective rivalry between the two superpowers, as he believes it would be advantageous for the broader crypto industry. He has consistently expressed his optimism that China will prioritize crypto assets. Sun argued earlier this month that the perception of China’s anti-crypto policies is exaggerated.
Market analysts emphasize that Bitcoin’s distinctive characteristics as “digital gold” may prove instrumental in global geopolitics. They suggest that Trump’s endorsement of Bitcoin may prompt China to reconsider its stance on the digital asset.
In accordance with Bitcoin Treasuries data, the United States and China maintain substantial Bitcoin reserves, with a combined total of approximately 400,000 BTC.
Since 2017, the Chinese government has maintained a stringent posture against activities that promote speculation in virtual currencies or deviate from the real economy’s requirements. In September 2021, China escalated its crypto mining enforcement, resulting in the relocation of numerous mining operations from the country.
Binance and OKX, prominent cryptocurrency exchanges that originated in China, have relocated their operations to other countries as a result of the unfavorable regulatory environment.
Beijing has imposed restrictions on a variety of crypto-related activities. Financial institutions are prohibited from facilitating cryptocurrency payments, and entrepreneurs are also prohibited from employing blockchains to raise capital.
Nevertheless, cryptocurrency trading continues to be a favored activity, as numerous citizens have devised methods to circumvent these restrictions. Additionally, Beijing is making substantial investments in Web3 and blockchain technologies.
In the meantime, Sun expressed his belief that China may reconsider its restrictive policy toward cryptocurrency in the wake of his legal victory over the Chongqing Business Media Group earlier this month. Sun’s allegations that the media group was under FBI investigation and suspected of insider trading were “absolutely unsubstantiated,” the court determined. Sun characterized the legal victory as “extremely significant” for the industry.
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