Sun advocates for China and the US to engage in constructive competition to improve each country's Bitcoin policies.
Key Takeaways
- Justin Sun expects China to adopt more competitive Bitcoin policies.
- The US government currently holds over $14 billion worth of Bitcoin, making it the largest national holder of Bitcoin globally.
Founder of the Tron blockchain Justin Sun has called on China to reform its approach to Bitcoin policy, especially when the US has shifted toward more favorable Bitcoin policies since former President Donald Trump publicly expressed his support for Bitcoin and the crypto sector.
Sun believes if China also enhances its Bitcoin policies, the resulting competition between China and the US in developing and implementing Bitcoin policies could propel the entire industry forward.
“China also needs to step up. Since President Trump pushed for Bitcoin, US policies have warmed. China should make further progress in this area. Competition between China and the US in Bitcoin policy will benefit the entire industry,” said Sun in a recent post on X.
Sun’s statement follows Trump’s recent keynote speech at the Bitcoin 2024 conference in Nashville, where the Republican candidate promised to dismiss SEC Chair Gary Gensler and establish a strategic Bitcoin reserve if elected.
Both China and the US hold large amounts of Bitcoin, with combined holdings of 400,000 BTC, data from BitcoinTreasuries.net and Arkham Intelligence shows. The US government currently holds over 213,000 BTC, valued at around $14.8 billion.
Even so, their regulatory paths differ, with the US reevaluating its stance under Trump’s influence, and China maintaining strict crypto restrictions since 2017.