The former CEO of BitMEX, Arthur Hayes has made an announcement about the adoption of cryptocurrencies in Hong Kong. BitMEX is a major cryptocurrency giant that deals in derivatives.
Prediction by Arthur Hayes
According to Arthur Hayes, the cryptocurrency industry is currently facing a downtrend and is hoping for a major push.
In November of 2021, it was China that dealt a blow so bad that the cryptocurrency industry is still not out of the trauma. The entire cryptocurrency industry is still struggling to recover but to no avail.
Still, the cryptocurrency industry is moving in a bearish territory without any major push coming its way.
However, the situation would change if China makes a comeback in the cryptocurrency industry. The cryptocurrency industry would be pushed tremendously when China enters the crypto industry again.
Hayes did mention that it would only be possible if Hong Kong makes China do it. Therefore, it is safe to say that Hong Kong would play the most vital role in bringing crypto back to China.
Arthur Hayes’ October 26 Blog
It was on October 26, when Arthur Hayes wrote a blog naming it “Comeback” that shed light on Hong Kong’s current crypto activities.
In the blog, he admired how the government of Hong Kong announced that a new bill would be introduced for cryptocurrencies. The bill would provide lenient and flexible regulations surrounding crypto.
He stated that if Hong Kong is making this move, it could mean that China is no longer as strict on crypto as it used to be in the past.
This could be an indication that China is eager to re-enter the cryptocurrency industry and that would help boost the overall performance of the cryptocurrency market.
He stated that for China, Hong Kong is like a proxy that suggests how China wants to interact with the world. If Hong Kong is becoming crypto-friendly, then China may be having second thoughts about lifting bans on crypto.
China to Help Crypto
Hayes stated that time after time, the United States and China have proven that their interest in any sector makes the biggest difference.
Given the history of China with respect to crypto adoption, if the country wants crypto back, it would be the best thing to happen to crypto.
It would eventually boost the entire cryptocurrency market. The entire crypto sector would go skyrocket in a matter of hours and may end up crossing all-time highs in terms of valuation.
Hong Kong has now communicated that it wants to continue pursuing its goal to become a crypto hub. This could mean that China may lift bans on crypto mining, holding, trading, and all other activities.