Crypto Flus Ben Armstrong, popularly known as BitBoy Cryptohas raised serious concerns about the Chinese bull run crypto narrative.
What happened: In a YouTube video posted on Tuesday, BitBoy had strong words of caution for his followers who believe China will be a major contributor to the crypto market’s next bull run. “We give too much importance to China when it comes to crypto, and that makes us susceptible to all the negative things,” he said.
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The YouTuber added: “When they [China] come out and ban crypto for the 748th time, it’s going to have a big slowdown and downward effect on the market as well.”
Why it matters: Hong Kong regulators released a consultation document to explore the framework for allowing dealers to trade large-cap cryptocurrencies, Bloomberg reported.
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Justin Sun, the founder of Tron, said that bull market led by Chinese money will drive crypto adoption in Hong Kong and China.
This comes at a time when the US crackdown on cryptocurrency is intensifying, and the Security and Exchange Commission halted stake operations in Kraken.
Chinese Bull Running Experts: Cameron Winklevossco-founder of The twins bourse, on Saturday pointed to the East as the source of the next crypto bull market – a prediction that appears to be bolstered by Hong Kong’s plans to license certain cryptocurrencies for retail investors to trade on June 1.
My task atm is that the next bull run will start in the east. It will be a humbling reminder that crypto is a global asset class and that the West, essentially the US, always had only two options: embrace it or stay behind. It cannot be stopped. We know that.
— Cameron Winklevoss (@cameron) 19 February 2023
Last week, Brian Armstrongthe founder of Coin basesaid that with countries like Hong Kong leading the crypto space, America will lose its status as a financial hub.
America risks losing its status as a financial hub in the long term, with no clear rules for crypto, and a hostile environment from regulators.
Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading the way. EU, UK and now HK. https://t.co/i9WeUZ7K6H
— Brian Armstrong (@brian_armstrong) 16 February 2023
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