In August, Hong Kong issued its first licenses for retail crypto. However despite this bullish news, China’s recent economic data shows slow growth due to huge debt and a troubled property market.
Could China cause a crypto bull run
China’s GDP growth since the 1980s has averaged a rate of 8.95%, reaching an all-time high of 18.70% in Q1 of 2021.
China’s biggest property developer , Evergrande, filed for bankruptcy just weeks ago. . And with multiple headlines reporting that the country’s economy has run out of steam, the crypto community shouldn’t count on that eastern liquidity entering the market too soon.
Crypto has been on the minds of the Chinese for some time. We see prominent projects and plenty of activity from this nation, but it can be argued it is not a meritocratic system.
Only selected traders and organizations can access crypto trading and investing, unlike the West where it is open for everyone with basic understanding a secure internet connection.