Donald Trump’s triumph in the 2024 US presidential election has elated China’s cryptocurrency community, who expect a bright future for digital assets and related policies on the mainland and Hong Kong, as bitcoin prices hit a record high.
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“Trump’s pro-crypto stance is expected not only to invigorate the US virtual-asset industry, but also to encourage Hong Kong to further relax its own virtual-asset policies in its quest to become a global Web3 hub,” said Livio Weng, chief executive of Hong Kong-based cryptocurrency trading platform HashKey Exchange.
“This shift could also positively influence regulatory attitudes toward virtual assets in mainland China,” he added.
That reflects the enthusiasm of many Mandarin-speaking crypto-focused users on Elon Musk’s X, as they posted their congratulations to Trump on the social-media platform formerly known as Twitter, while also extolling a new all-time high reached by bitcoin on Wednesday, with some expressing good days ahead for the industry.
At one point on Wednesday, bitcoin prices reached above US$75,000, having gained more than 66 per cent since the start of this year.
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