Bigger than Blackrock

Bitcoin is still banned in China and that's buying as well as trading.

And of course, I remember when the Chinese banned crypto mining back in May 2020, when it accounted for about 50% of all global mining.

So why would the Chinese move into Bitcoin?

So at the moment, gold is providing a legal and easily accessible safe haven.

Also, with China's strict exchange controls, people cannot easily get their money out.

So there is a flight to safety with gold, even to the extent they are prepared to pay 3.6% above market price currently.

Now to Bitcoin, the Hong Kong ETFs and the Chinese buyers. Hong Kong spot ETFs could also act as the catalyst for other Asian jurisdictions to follow suit.

The domino effect would boost regional participation and maturity for the Bitcoin market.

Beyond flows, Bloomberg Equity Research Associate Sebastian Cabral called the “approvals” significant in terms of potentially spurring other Asian regulators to act in the space.

He went on to say and I quote, “possibly in Singapore, South Korea and Japan coming soon.”

I can only see these events as supremely bullish for both Bitcoin price and further global adoption.

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