Bitcoin’s remarkable ascent to over $64,000—a peak not seen since its 2021 peak of $69,000—has renewed interest in cryptocurrency within China. This resurgence comes despite the country’s stringent prohibition on all forms of crypto trading and mining, established firmly in 2021. 

The notable increase in Bitcoin’s value, spurred by anticipation of the next halving event and the U.S. Securities and Exchange Commission’s nod to 11 Bitcoin ETFs in January, has led to a widespread buzz across global markets, including the unlikely participant, China.

State Media Issues Warnings to Enthusiasts

Despite the ban, China’s state media has stepped in to advise potential investors on the perils of engaging with Bitcoin and other cryptocurrencies. Reports highlight that the Economic Daily, a government publication, has stressed the inherent risks and volatility associated with digital assets. The publication’s message underscores the regulatory tightrope surrounding the crypto sector and urges the public to adopt a cautious and informed approach towards cryptocurrency investments.

Interestingly, the Chinese population’s curiosity in Bitcoin blossoms as the nation’s stock market faces a downturn. Reports suggest a growing interest among Chinese investors to divert their funds into cryptocurrencies like Bitcoin, perceived as a safer bet compared to the faltering local stock and real estate sectors. Personal accounts, like that of a Shanghai-based finance executive, reveal a trend where individuals increasingly allocate a portion of their portfolio to cryptocurrencies, seeking refuge from the economic slowdown affecting traditional markets.

The post China Warns Against Bitcoin Investing Amid Ongoing Ban appeared first on Crypto Academy.

---

Filed under: Bitcoin - @ March 4, 2024 7:04 pm