China Central TV, one of the country’s most prominent media outlets, has US President-elect Donald Trump’s plans to adopt Bitcoin as a strategic reserve.
The bullish news aired live on the Chinese media. Notably, China Central TV (CCTV) reported the news on Thursday, a day after Trump’s election victory.
CCTV noted that Bitcoin surged to unprecedented heights following Trump’s win. Although the news reported that Bitcoin grew to a new ATH around $75,000, the crypto firstborn surged to a greater high of $76,946 late Thursday.
The leading Chinese media outlet reported that the price surge followed Trump’s earlier promise to make the US the world’s Bitcoin and cryptocurrency capital. It also noted that the US president-elect pledged to create a US Bitcoin stockpile, strategically storing the premier asset to bolster the country’s economy.
Crypto Community Reacts
Following the news, some investors asserted that China could announce a similar plan to strategically store Bitcoin, driving the asset’s price higher. However, this remains highly speculative, given the country’s strignent rules around Bitcoin.
Another faction praised Trump for placing Bitcoin on a global scale through his ploy, with a user describing Trump as the “ultimate crypto hype man.”
Meanwhile, Trump noted during the Bitcoin conference in Nashville that the US must embrace crypto or China will dominate the industry. He stated that the Asian country is “making too much progress” with the nascent technology compared to America and could take over the sector if she didn’t step up.
China’s Crypto Stance
In the meantime, China has banned crypto mining and trading in the country. The second-most populous nation in the world has had a hostile relationship with the nascent sector since 2013.
China banned its financial institutions from carrying out crypto transactions in 2013. Four years later, it prohibited crypto projects from conducting initial coin offerings (ICOs), further bruising the sector’s presence in the country.
Notably, China ramped up its clampdown on the sector in 2019 when it went after crypto miners, terming the activity as highly polluting. The Asian nation finally stamped its utter intolerance for cryptocurrencies when it banned all mining and trading activities in 2021, preventing off-shore offerings and forcing firms to either relocate or shut down.
However, despite the sector’s ban in the state, China still reportedly controls 55% of the global mining pool, with the US holding 40%. This means mainland China has found a way to keep crypto activities thriving regardless of the government’s stance.
Meanwhile, China is considering relieving its ban on the sector following pressure from institutions to revisit its 2021 declaration. Report shows it is set to review its anti-money laundering law next year.
