China's relationship with Bitcoin has been a bumpy ride marked by bans and crackdowns.
However, contrary to popular belief, the ban was not absolute. Bitcoin has managed to maintain its presence in the country despite these regulatory challenges. Moreover, China is actively working on exploring blockchain technology, as evidenced by initiatives such as digital yuan and Web3 development plans.
SyzCapital's Managing Partner, Richard Byworth, hinted at a potential development. Byworth said in his statement:
“There is talk that Hong Kong Bitcoin Spot ETFs could be added to equity tie-ups. The implications of this are absolutely massive (basically meaning mainland Chinese capital could buy them).”
SmashFi Co-Founder and COO Brian HoonJong Paik echoed Byworth's views, saying that alternative investment opportunities are needed in China. Emphasizing that a significant portion of Chinese wealth is tied to real estate, Paik suggested that BTC could serve as a tool to diversify investment portfolios and stabilize the socio-economic landscape:
“It's just a matter of time. 70% of China's wealth is in real estate and there are currently 100 million empty homes. The CCP needs an alternative presence to reduce social unrest.”
*This is not investment advice.
