In 2021, China banned the trading and mining of all cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and XRP. At that time, these bans caused a sudden drop in the price of Bitcoin.
Recent news claims that China is preparing to return to Bitcoin.
According to the news agency BitcoinLFG, China is ready to reconsider and lift the Bitcoin ban.
Reports said China is likely to lift its Bitcoin ban in the 4th quarter of 2024.
Experts said that if the rumors that China will lift the Bitcoin ban come true, they expect Bitcoin to reach 100 thousand dollars by the end of the year.
Given China's significant influence on global markets, China's re-entry into the cryptocurrency market could lead to increased demand and potentially higher prices for Bitcoin and other cryptos.
Very Big Event!
While Chinese Bitcoin rumors continue, a comment came from Galaxy CEO Mike Novogratz.
Sharing his thoughts on the potential change in China's Bitcoin policy from his X account, Novogratz underlined that such a move could have a significant impact on the crypto world.
Novogratz stated that he had heard such news twice in recent weeks, and said that if true, this could be a “very big event” for the crypto world.
News that China may lift the Bitcoin ban in the 4th quarter of 2024 remains a claim. Because there is no official statement yet.
If this is true, and it’s second time I’ve heard in weeks, it’s a huge deal. Anyone have insight?? https://t.co/SJrNhjCAw5
— Mike Novogratz (@novogratz) July 15, 2024
*This is not investment advice.
