China vs US with different stance on bitcoin

[Chato1977]

this will take effect only if the US already shows its full support but never forget that Chinese is also one of the biggest miners( of course outside china) so they are still has a final say in this matter .

[john_egbert]

Actually China is now being soft with crypto as they have seen that the crypto market did not crumble when they ban btc market.

Is there any news on it?
It may be true, though, honestly speaking - I don't think they would hold the lead in regards to crypto.

[shield132]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

This is an interesting topic IMO, especially since Bitcoin is becoming increasingly influential. Some nations are even considering it as a strategic reserve. So, this type of discussion is very engaging for Bitcoin enthusiasts, as it combines politics, economics, and the growing role of cryptocurrencies on the global market.

Correct me if I'm wrong but China is a different country with different plans from the rest of the world. China is still a communist country, so was my country a few decades ago. In my country, during communism, people were working a lot, everyone was forced to work, if they saw you outside in the street doing nothing, they'd catch you and force you to work in a factory or somewhere else. During communism, our country was closed too, you couldn't go outside of the soviet union, so we didn't know what life was like outside of it and we didn't have an idea about the Western world. I think that China is the same too, it's a very isolated country. If being a global superpower was their plan, then they wouldn't ban Bitcoin, that's my opinion. If they soft ban on Bitcoin and start Bitcoin adoption, then it means that they are in rivalry against the USA in terms of being a global superpower.

[MainIbem]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?
~snip~

Do you even understand what you are talking about when it comes to the facts about the total value of all the BTC in circulation and all the money that is generated around the BTC business in relation to the GDP of the US and China?

China's GDP in 2024 was around $18.30 trillion, while US GDP was just over $29 trillion, while at the same time BTC market cap is around $1.88 trillion. If you understand basic math, then you should understand that no country will profit significantly even if they gain absolute dominance over BTC.

We can say all kinds of things about the Chinese, but we certainly can't say that they are stupid and don't know how to recognize a good opportunity - that's why those who live in the delusion that the Chinese made a mistake when they banned BTC mining and trading have no idea what they're talking about.

Communism and decentralization have never and never will be able to work together, and many people seem to forget that when they talk about BTC and China.

I agree with all you've said, despite the ban on Bitcoin, china still controls a good percentage of the Bitcoin hashrate, i think it's about 55% or thereabout if im not mistaken, i think they still got one of the largest Bitcoin mines and i won't be suprised if they've been secretly hoarding more than enough Bitcoin before Trump even brought about the idea of owing a Bitcoin reserve, i wonder why people would think that a big economy like China won't seize and opportunity when they see one, Bitcoin as an asset class is a hedge against inflation and a big opportunity for different countries to boost their economy against the future so who wouldn't jump on it, they might have not uplift then placed ban on Bitcoin mining but that's a big diguise and owning the biggest Bitcoin hashrate is a prove to that.

[Asuspawer09]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

This is an interesting topic IMO, especially since Bitcoin is becoming increasingly influential. Some nations are even considering it as a strategic reserve. So, this type of discussion is very engaging for Bitcoin enthusiasts, as it combines politics, economics, and the growing role of cryptocurrencies on the global market.

As we all know Bitcoin and US hold the biggest percentage when it comes to Bitcoin, and surely it helps a lot when it comes to economy, growth etc. I mean its clear that the two countries is having some sort of competition event throughout the years the two country have a lot of things that they didnt agreed to. Its easy to see that this country already see a lot of potential to cryptocurrency and Bitcoin, and its evident already thats why they are holding a lot of it.

The fact that the US is already planning to do some kind of bill about having a Bitcoin reserved is already a indication that they are planning to stack Bitcoin, even though they are some how already a Bitcoin reserved when we think about it. A lot of operations as well are on China so i dont really think that they are against it, since they are holding a huge amount of it, in my opinion this are just one of their strategies in order to stack more Bitcoin, scaring the market to drop the market price and buying Bitcoin on a discount, just like in the past year of banning Bitcoin, they still have a lot of it.

[Faisal2202]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

This is an interesting topic IMO, especially since Bitcoin is becoming increasingly influential. Some nations are even considering it as a strategic reserve. So, this type of discussion is very engaging for Bitcoin enthusiasts, as it combines politics, economics, and the growing role of cryptocurrencies on the global market.

If China wanted to adopt it, they would have done it already long ago, but they have adopted a different approach, as they have another nation named as Hong Kong, and which is basically the hub for crypto, which means they have invested in crypto and adopted it fully. Although this nation is different from China, but still has its part. So if China also accepts, which I think they might not consider anytime soon, then it will be good for the market as well.

Speaking of the national reserve, I don't think China will ever do that It's too rare but its crypto market and anything can happen here. If china adopts it as national reserve I guess BTC will do any easy 2x. NFA

[KingsDen]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

The inability of different countries of the world, especially the world powers to agree on one stance in any case of Bitcoin is the reason why Bitcoin will continue to strive. Bitcoin is now like an economic battle ground between countries. US will deliberately allow bitcoin if China bans it and it China becomes too friendly with bitcoin, US might decide to go against it. With this development, bitcoin is safe.

This is an interesting topic IMO, especially since Bitcoin is becoming increasingly influential. Some nations are even considering it as a strategic reserve. So, this type of discussion is very engaging for Bitcoin enthusiasts, as it combines politics, economics, and the growing role of cryptocurrencies on the global market.

I have been hearing this story of strategic reserve, but I don't know how the story emanated. I don't think it's going to happen, maybe it's an individual's daydream.

[AmoreJaz]

Actually China is now being soft with crypto as they have seen that the crypto market did not crumble when they ban btc market.

Is there any news on it?
It may be true, though, honestly speaking - I don't think they would hold the lead in regards to crypto.

They are not really open per se to crypto but the crypto-related activities are still ongoing in their country. Even miners are still present in their country. They should have not banned the mining aspect as this business can give them a lot of revenue. Just think of the production of mining equipment and other accessories needed. We all know that a lot of miners are manufactured in China and I believe up until now they are producing it. Do remember, almost all our cheap IT gadgets, equipment or instruments are coming from China.

Check this out -

China still controls 55% of Bitcoin hashrate despite crypto ban
Inside China’s underground crypto mining operation, where people are risking it all to make bitcoin

[MaxLevCoin]

The key factor in whether bitcoin helps or hinders the US economy lies in its integration and regulation. Btc has the potential to strengthen the US economy but excessive speculation or lack of clear regulation might lead to instability. If managed well, btc could help the US remain competitive but China's ban might prove advantageous in terms of maintaining tighter control over financial markets

[Ale88]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

Being a bitcoin-friendly country probably is way better than being against it, it's pretty clear that bitcoin draws capitals and rich individuals, going against it is just stupid. China, for the way the manage things, probably don't like the fact that bitcoin can't be controlled by the government so they don't want people to use it. Bitcoin goes on the same list as Facebook, Youtube, etc, if they can't control it then they ban it, as simple as that.

[ranochigo]

While they are trying to implement a local island becoming a crypto hub they forgot Singapore. It is now clear that China wants crypto but does not want the mainland getting involved. It is evident now that China is playing a game that shows how cunning these guys are and I am sure they will continue with the same attitude.

Singapore isn't as big of a cryptohub as it seems. China's 1 country 2 system approach to Hong Kong doesn't exactly translate to policies that are consistent across the two countries and this is by design. I'd be more worried if they're too similar. It might be a testbed for China as well, but they have distinctively different goals as the two "systems".

I think a lot of people missed the point as to why China is so against Bitcoin. China's financial system is antithetical to Bitcoin, fundamentally. China conducts heavy surveillance on their population and also with very strict capital controls. Bitcoin would've introduced a huge outflow in assets and also ruining the efforts of WeChat Pay and AliPay with their digital wallets. CBDCs are entirely within the realm of possibility for them.

[betswift]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

Being a bitcoin-friendly country probably is way better than being against it, it's pretty clear that bitcoin draws capitals and rich individuals, going against it is just stupid. China, for the way the manage things, probably don't like the fact that bitcoin can't be controlled by the government so they don't want people to use it. Bitcoin goes on the same list as Facebook, Youtube, etc, if they can't control it then they ban it, as simple as that.

Same thing ranochigo said - no matter how lucrative would it be for China to work with BTC, it would be a much bigger risk for them to have their people at least the possibility of pseudoanonimity and the outflow of funds through it.
Why do it when you can introduce a centrilized coin with lots of features to be in control?

[WatChe]

Communism and decentralization have never and never will be able to work together, and many people seem to forget that when they talk about BTC and China.

In today's world no government is willing to give away control of country financial system. It's important to understand that government's are mostly against decentralized financial systems like bitcoin, they have acceptable behaviour towards cryptocurrencies that are not decentralized or which can be controlled by the government. You are right in saying that government's of China, USA and rest of world are not stupid that they are not able to figure out there interest in decentralized bitcoin.

[Swordsoffreedom]

One thing I know about the Chinese government is that they are stubborn and I don't think the ban on crypto will be lifted anytime soon although people do own Bitcoin one way or the other still in china just that it's not incorporated in the financial system that can enable benefits from it and I guess it's because of the decentralization aspect in which the government can fully control and also maybe reduction in investment on their local companies because I know for sure that most giant companies over wouldn't flinch in order to invest on Bitcoin.

Yes they are quite stubborn about crypto, but if bitcoin and crypto become popular and the whole world adopts it. Whether they like it or not, they still have to integrate if they do not want to be backward and isolated from the world. They have the right to reject or not need it when it is nothing but when it becomes the mainstream of the world then it is a different story.

Many people are not optimistic about China because of what they did with bitcoin and crypto, and I understand that but they will have to change as the world changes. But the question is when will bitcoin actually become mainstream and widely adopted globally? Like everyone is talking about bitcoin reserve, when will that happen?

[ultrloa]

Communism and decentralization have never and never will be able to work together, and many people seem to forget that when they talk about BTC and China.

In today's world no government is willing to give away control of country financial system. It's important to understand that government's are mostly against decentralized financial systems like bitcoin, they have acceptable behaviour towards cryptocurrencies that are not decentralized or which can be controlled by the government. You are right in saying that government's of China, USA and rest of world are not stupid that they are not able to figure out there interest in decentralized bitcoin.

China has clarification regarding about personal crypto rights of their people https://www.financemagnates.com/cryptocurrency/bitcoin-nears-100000-as-china-clarifies-personal-crypto-rights/

So this really means that they are slowly changing things up since that people are not actually ban for holding Bitcoin. They disallowed those business activities since by that way they can still protect their own interest towards this matter.

Somehow this is good development since maybe next time we can see them lifting their ban and allowing any transaction that will happen on their country.

[krishnaverma]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

This is an interesting topic IMO, especially since Bitcoin is becoming increasingly influential. Some nations are even considering it as a strategic reserve. So, this type of discussion is very engaging for Bitcoin enthusiasts, as it combines politics, economics, and the growing role of cryptocurrencies on the global market.

I am sure that China will also make Bitcoin legal in future. They are not very rigid when the decision is impacting the economy in some way. Suppose all the other economies are benefitting from use of crypto, I am sure that they will also understand the value of crypto and rethink their current stance.

[South Park]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

This is an interesting topic IMO, especially since Bitcoin is becoming increasingly influential. Some nations are even considering it as a strategic reserve. So, this type of discussion is very engaging for Bitcoin enthusiasts, as it combines politics, economics, and the growing role of cryptocurrencies on the global market.

The postures of both countries do not surprise me, the government of China is bent on controlling their citizens as much as possible, and while something similar could be said about the US, China is way more open about it, and since bitcoin is nothing more but a form of money, it will be way harder for any US politician in office to make a case for its ban as so many people have already invested in it, and this could seriously affect the finances of millions, which should be enough to change to political landscape and give an easy advantage to the politicians that support it.

[coupable]

My prediction is that USA is going to be pro-crypto, while China will keep it's anti-crypto policies.

China cannot maintain its anti-crypto stance if the US is going to be a leader in it. Currently, there are expectations that the US policies in the new administration will be more compatible with crypto, but this is still unrealistic and may never become realistic until further changes occur. China is adopting anti-crypto policies, but it is not oblivious to the global scene and how this industry has become a reality and there is no point in continuing to deny it.

I expect the exact opposite; the US will continue to bide its time to avoid the impact of this market on its financial policies, while China will wake up and rush to contain the crypto market, leaving little opportunity for the US.

[Rabata]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

Before US President Donald Trump came to power, he was commenting on Bitcoin. He wants the United States to be ahead in all aspects. The potential of Bitcoin and the adoption of Bitcoin are important to keep the country ahead economically. His government wants to keep Bitcoin as a strategic reserve. He is very well aware that in the next few years, almost all countries will come forward in adopting Bitcoin. And if the United States cannot lead here, then the way they are leading the world will deteriorate. That is why, considering different issues, he has given special attention to the adoption of Bitcoin in their country and its reserves. Moreover, the major powerful countries of the world, including Russia, also want to trust Bitcoin. In that case, it does not seem that China will take such a stupid decision. Although they oppose Bitcoin externally, there is no way to say that they are not trying to reserve Bitcoin internally for strategic reasons.

[Marykeller]

Aren’t these countries already considered the closest rivals in terms of economy? Under Trump’s presidency, his policies on Bitcoin were generally positive, while China has maintained its stance on banning it. So what do you think? will the US’s adoption of Bitcoin help boost its economy and give it an edge over China, or could it have the opposite effect?

This is an interesting topic IMO, especially since Bitcoin is becoming increasingly influential. Some nations are even considering it as a strategic reserve. So, this type of discussion is very engaging for Bitcoin enthusiasts, as it combines politics, economics, and the growing role of cryptocurrencies on the global market.

The US and China don't usually agree on the same thing. What the US can easily accept, the Chinese can reject wholeheartedly even if it is worth a lot. They will rather prefer to have their own that is similar to that than accept what others are accepting.

China has not been in support of Bitcoin right from the onset. They prefer using their central bank digital currency(CBDC) and digital yuan to Bitcoin they thought it to be used in carrying out illicit activities.

For the US to think of having Bitcoin as their national reserve to boost their economy, the Chinese will think of coming up with something else, not Bitcoin