Donald Trump, the former President of the United States who has the potential to win the next election has increased confidence in the crypto market as well as increasing the adoption of the technology this year.
Recently, Elon Musk met with the president of El Salvador, Nayib Bukele and the former finance minister of China, Zhu Guangyao that Trump's acceptance of the crypto industry will heat up the US market.
According to Zhu Guangyao, crypto has a negative effect especially when the administration fully recognizes the risk and will cause problems for the capital market.
However, the government needs to study the latest international changes and policy adjustments because it is an important aspect in the development of the digital economy.
The Bitcoin 2024 conference by Donald Trump in June in his campaign strategy to recapture the White House this November said the United States needs to be quick in leading crypto development before China acts.
He also said that the crypto industry is still in its infancy and it may surpass gold in the future.
Tron founder Justin Sun urged China to reconsider its stance on crypto bans. In his thread on the X page, he said China needs to take more advanced steps following US policies that are increasingly open.
China's ban on bitcoin in 2021, which makes cryptocurrency trading and mining an illegal activity, triggered a fall in bitcoin prices at that time.
In May, attendees of a Bitcoin conference in Hong Kong sparked speculation that the long-awaited Hong Kong spot bitcoin exchange-traded fund (ETF) might finally open up to investors from mainland China.
