China’s recent ban on cryptocurrencies sent shockwaves through the market, but a Tether official believes that the country’s return to digital assets is inevitable. Brock Pierce, co-founder of Tether, the world’s largest stablecoin, made this statement, highlighting the growing interest in cryptocurrencies in Hong Kong. The Securities and Futures Commission’s clear regulations have attracted investors to the region, and Pierce suggests that Hong Kong could become a major player in trade finance. These comments come after several cryptocurrency platforms with ties to China withdrew their license applications due to regulations imposed by the SFC. As China’s stance on cryptocurrencies remains uncertain, the price of Bitcoin continues to fluctuate. After reaching an all-time high of $73,000 in March, the price dipped to $56,000 before rebounding to $68,780 at the time of writing. Despite the volatility, Bitcoin’s market cap remains above $1.3 billion, with a 24-hour trading volume of $32.5 billion. It’s important to note that cryptocurrency investments carry high risks and investors should conduct their own research before making any decisions.
