Cryptocurrency
China's Potential Bitcoin Ban Lift Sparks Community Skepticism
Monday. July 15 at 11:00 PM
1 min. readRecent social media reports hinting at China possibly lifting its ban on Bitcoin have left the cryptocurrency community doubtful. Galaxy Digital CEO Mike Novogratz mentioned hearing rumors of China 'likely to unban' Bitcoin by late 2024, prompting mixed reactions. While some remain optimistic, many question the credibility of the source and China's history of flip-flopping on crypto regulations. Despite past crackdowns, China continues to dominate in Bitcoin mining. Industry figures like Yifan He and Mikko Ohtamaa believe China won't allow free Bitcoin trading with its fiat currency due to political reasons. Speculations about Hong Kong's ETFs opening up China's market were debunked. The community remains cautious, wary of China's unpredictable stance on cryptocurrencies.