Chinese Billionaire Optimistic About Country’s Crypto Policy And Upcoming Changes

Justin Sun, Chinese billionaire and crypto entrepreneur, expects that China will change its crypto policies after implementing a ban last year.

In a recent interview with Bloomberg, the Tron blockchain founder explains that China could see changes in the crypto policy. Moreover, these changes could occur as early as next month.

In the interview, he says that China’s economic and industrial policies could see major changes within the next month or so. In his opinion, the new leadership will definitely implement crypto-friendly policies.

Justin Sun Joins Huobi Global Advisory Board

Just recently, Sun became part of the Huobi Global advisory board. While the company was once the top-ranking crypto exchange in China, it has moved operations overseas since the crypto ban.

Nevertheless, Sun would like the company to return once China changes its stance on cryptocurrencies. He also explains that he’s one of the top holders for HT, which is the crypto exchange’s native token.

In the interview, he elaborated that he owns millions of HT tokens, some of which he owned before joining the Huobi Global advisory board.

Elaborating on how he’s been using and collecting HT on its own since it launched in 2013, he sees himself as one of the major HT holders.

Huobi’s Native Token Surges by 70% in the Past Month

According to reports by CryptoSlate, Huobi Global’s native token, HT, gained a 70 percent increase in price over the last month.

In contrast, the rest of the crypto market has been in a slump, considering how Bitcoin remains under the $20,000 level, while Ethereum struggles to regain its value.

Analysts say that this could be the result of Justin Sun announcing that he’s part of the Huobi Global advisory board.

Based on data from CryptoSlate, HT was trading between $4.1 and $4.5 toll on October 10. As soon as news broke out that Sun joined the platform as an advisor, the token’s price grew by 23.8 percent, reaching $5.2.

Over the past week, HT rallied over 53.94 percent based on CoinMarketCap data. Now trading at $7.60, the token has reached a four-month high.

Huobi Burns 411,000 Tokens in September

In its latest monthly report, the crypto exchange says that it burned 411,000 tokens in September. At the time, the tokens held a value of 1.86 million USDT.

On October 15, the total number of HT burned increased to 295.51 million. Speaking to the Huobi staff, Justin Sun explained that rather than releasing new tokens, the platform’s main focus is to strengthen its position in the virtual asset industry.

And based on how he owns millions of HT tokens, it shows that he does believe in the platform’s future to become a crypto giant in the near future.