After El Salvador Accepts Bitcoin, U.S, China Battle To Control $2 Trillion Crypto Market
NDTV
The fight is set to reverberate through the global financial system, where every day brings news of products such as Bitcoin exchange-traded funds, bizarrely named digital tokens and NFT assets
It's not that governments like China are banning cryptocurrencies because they necessarily expect the technology to fail. It's that they want to be in charge of an experiment with potentially trillions of dollars in play. With its latest move, China joins a small list of nations that are crypto prohibitionists. And it is a swing in the opposite direction of El Salvador, which adopted Bitcoin as legal tender this year and was lauded by Libertarians as well as Bitcoin believers. China's authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It's also a reminder of our huge structural advantage over China.
In the U.S., where crypto trading is allowed but regulators are taking a close look, some see an opportunity in China's deepening crackdown.
Understanding the many dimensions of this multi-pronged battle to control the market will be key for the millions of investors hoping to cash in on the crypto craze. The fight is set to reverberate through the global financial system, where every day brings news of products such as Bitcoin exchange-traded funds, bizarrely named digital tokens and NFT assets. The ultra-rich are also involved, and mainstream financial institutions are embracing digital currencies.
