As major crypto-currencies struggle to gain ground following a period of stagnation, recent news promise a brighter future for holders.
Due to security concerns, cryptocurrencies have been making the rounds on the news, causing bouts of dialogues throughout the world concerning their sustainability. In 2021, China enacted a major ban on all crypto-mining and trading which marked the start of a recession within the industry. Hong Kong, one of the world’s biggest financial hubs, followed suit on the crypto ban
On the 24th of May, Changpeng Zhao, co-founder and CEO of Binance, stated in a tweet that the CCTV (China Central Television) had featured news of crypto in one of their broadcasts. He went on to explain that historically, this has caused major bull runs.
With Hong Kong expected to lift the ban on June 1st, better days seem to lie ahead.
It is not surprising that the country featuring the world’s 2nd largest economy and with a population of a whopping 1.4 billion people would have a massive influence on such an industry with the potential of causing a bull run.
One concrete example of such a situation would be the Chinese influence on the videogame industry, with China becoming the “Games Industry Capital of the World” in just 3 years after a 15-year ban on video games from 2000-2015. Its staggering impact was based on the sheer size of the consumer base, and the same outcome is being predicted in this situation.