The post Bitcoin Policy Competition Between China and US Would Benefit Industry, Says Justin Sun appeared on BitcoinEthereumNews.com.

Tron founder Justin Sun has urged China to reassess its position on Bitcoin, following former President Donald Trump’s endorsement of the digital currency and plans to make the U.S. the world crypto capital. Trump pledged to create a “strategic Bitcoin stockpile” for the U.S. during his keynote address at the Bitcoin 2024 conference in Nashville on Saturday.  “As the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future,” Trump stated. “I hope you do well.” Responding to Trump’s comments, Sun, a prominent figure in the crypto world, said competition between the two countries is likely to benefit the entire industry. “China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry,” Sun said on Twitter. China 🇨🇳 also needs to step up. Since President Trump pushed for Bitcoin, U.S. 🇺🇸 policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry. 👏 — H.E. Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024 This statement comes against the backdrop of China’s historically stringent stance on cryptocurrencies. The country, once a global leader in Bitcoin mining and trading, has implemented some of the world’s most restrictive policies on digital currencies in recent years. In 2013, the country emerged as a powerhouse in the crypto space, with Chinese miners accounting for more than 70% of the Bitcoin network’s mining power by 2017. However, September 2017 marked a turning…

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Filed under: News - @ July 30, 2024 7:22 pm