Trump election victory cheers up cryptocurrency proponents in China
These crypto proponents expect a bright future for digital assets and related policies on the mainland and Hong Kong
Donald Trump’s triumph in the 2024 US presidential election has elated China’s cryptocurrency community, who expect a bright future for digital assets and related policies on the mainland and Hong Kong, as bitcoin prices hit a record high.
“Trump’s pro-crypto stance is expected not only to invigorate the US virtual-asset industry, but also to encourage Hong Kong to further relax its own virtual-asset policies in its quest to become a global Web3 hub,” said Livio Weng, chief executive of Hong Kong-based cryptocurrency trading platform HashKey Exchange.
“This shift could also positively influence regulatory attitudes toward virtual assets in mainland China,” he added.
That reflects the enthusiasm of many Mandarin-speaking crypto-focused users on Elon Musk’s X, as they posted their congratulations to Trump on the social-media platform formerly known as Twitter, while also extolling a new all-time high reached by bitcoin on Wednesday, with some expressing good days ahead for the industry.
At one point on Wednesday, bitcoin prices reached above US$75,000, having gained more than 66 per cent since the start of this year.
Once a cryptocurrency critic, Trump in July vowed during his campaign that the US would become the “bitcoin superpower of the world” under his administration and that he would fire “on day one” Securities and Exchange Commission chair Gary Gensler, who ramped up scrutiny of the crypto sector.
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$BTC got happy as well when Trump got elelected and reached new ath.