"Fulamak, the price of BTC can go up if China 'unbans' BTC back."
Recently surprised by the news regarding the Chief Executive Officer (CEO) of Galaxy Digital Mike Novogratz who heard rumors that China may actually lift the ban on Bitcoin (BTC) cryptocurrency by the end of 2024.
Novogratz's statement on his X social media account on July 14, 2024 has raised doubts about the reliability of the data and many experts are debating the rumor even though other commentators claim that BTC has never been outright banned in China.
In addition to asking the Chinese government to accept crypto in the face of geopolitical threats, Professor at the Hong Kong University of Science and Technology Wang Yang also questioned the rationale of China's ban on crypto mining at the end of June 2024.
Banning China's crypto mining is very unwise as many firms are about to switch to the United States (US), commented Yang, adding that trading BTC using Chinese yuan will not be legal in the country at all.
According to Yifan He, the Chief Executive Officer (CEO) of Red Date, a well-known Chinese blockchain firm, has warned that banning BTC means that Chinese citizens can use their yuan to buy BTC from within the country.
Trading Strategy co-founder Mikko Ohtamaa agreed with He that a change of heart from the Chinese government on BTC would go against its political goals as many are unaware of why China has banned BTC and other cryptocurrencies.
Following that, Ohtamaa opined that the rumors that China is open to crypto may not be true as it is against Xi's agenda on how the Chinese nation is built.
