Bitcoin recognized as digital currency in Shanghai

[Lucius]

I said national interest because the reason why he wants China to review its policy on cryptocurrency is to compete with the US. He doesn't want China to be an onlooker in the crypto market, that's love for his country.

This only made me laugh, because you are talking about some kind of political love of current and former members of the Communist Party of China towards the Chinese people? Does China have "political love" for the millions who are in labor camps just because they did some trivial thing against the regime?

They lost money. Maybe they didn't know that the industry would grow this big. The US recently changed its rigid stance on Bitcoin by approving the Spot ETF after years of refusal.

China might be a rich country but it doesn't undermine the fact that they still need more money. The goal of any economy is to keep expanding, so every opportunity regardless of how small will be appreciated. The US economy is benefitting massively from the crypto market.

Do you know the difference between a billion and a trillion? China's GDP in 2023 was about $18 trillion, and according to the graph you show, gains in the US from cryptocurrencies amount to $9.36 billion for that same year - 1 trillion equals 1000 billion. Now tell me what kind of massive benefits you are talking about when it comes to the US, which had a GDP of $27 trillion in 2023 - what does $9 billion mean in that amount?

[Fiatless]

I said national interest because the reason why he wants China to review its policy on cryptocurrency is to compete with the US. He doesn't want China to be an onlooker in the crypto market, that's love for his country.

This only made me laugh, because you are talking about some kind of political love of current and former members of the Communist Party of China towards the Chinese people? Does China have "political love" for the millions who are in labor camps just because they did some trivial thing against the regime?

It is on record that the Chinese government has little or no respect for citizen's fundamental rights. But my point is that a former government official wants China to be a key player in the crypto space just like the US and I see it as nationalism.  

They lost money. Maybe they didn't know that the industry would grow this big. The US recently changed its rigid stance on Bitcoin by approving the Spot ETF after years of refusal.

China might be a rich country but it doesn't undermine the fact that they still need more money. The goal of any economy is to keep expanding, so every opportunity regardless of how small will be appreciated. The US economy is benefitting massively from the crypto market.

Do you know the difference between a billion and a trillion? China's GDP in 2023 was about $18 trillion, and according to the graph you show, gains in the US from cryptocurrencies amount to $9.36 billion for that same year - 1 trillion equals 1000 billion. Now tell me what kind of massive benefits you are talking about when it comes to the US, which had a GDP of $27 trillion in 2023 - what does $9 billion mean in that amount?

The graph I showed contains the crypto revenue of some countries and not their entire GDP. China's total revenue in 2023 was slightly above $3 Trillion. Indeed, $9.36 Billion is still insignificant, but at least it was an addition to the total government revenue. The benefit might not be massive (like I earlier said) but it could help build some infrastructure.