China Diramal Will Adopt Bitcoin In 2025, Here's Why!

China is predicted to follow the US in adopting Bitcoin. (Photo; Doc. CyprusMail)

JAKARTA - Bitcoin is increasingly lucrative for big investors both from the company and state levels. Most recently, US president-elect Donald Trump is rumored to be forming a Bitcoin Reserve. Trump's plan has the opportunity to strengthen the US position as a pro-crypto country. This has the potential to be followed by other countries including US competitors such as China.

SkyBridge crypto figure and managing partner Anthony Scaramucci predicts China will start officially adopting Bitcoin by the end of 2025. This view comes as the world's attention to Bitcoin increases, especially after Trump's election in the United States.

During the campaign period, Trump publicly expressed his support for Bitcoin and promised to form Bitcoin Reserve or Bitcoin strategic reserves in his country. This policy not only attracts international attention, but also triggers discussions in countries such as Canada, Brazil, and Russia about the possibility of adding Bitcoin to their national reserves.

This trend coincides with the efforts of giant companies that continue to increase Bitcoin ownership, thus pushing the price of these digital assets beyond US$100,000 (Rp1.6 billion) per coin.

At the 2024 MENA Bitcoin Conference which took place on December 9-10 yesterday, Scaramucci expressed confidence in the US move in adopting Bitcoin.

According to Scaramucci, the US effort will force other countries including China to change its tough stance on digital assets. He added that China could include Bitcoin in its national reserves or even legalize crypto mining activities officially.

As is known, China has started blocking Bitcoin since 2013 through its central bank, the People Bank of China (PBOC). Then in 2017, the Bamboo Curtain Country blocked the initial coin offering or crypto ICO. It didn't stop there, China also strictly banned Bitcoin mining activities in 2019.

This tough stance continues, in September 2021, PBOC officially announced the ban on all crypto trading and mining activities. This has an impact on the current crypto market.

Scaramucci isn't the only one predicting the possibility of China adopting Bitcoin. Binance's former CEO, Changpeng Zhao, also shared his views at the same conference. Zhao predicts small countries will adopt Bitcoin before it is followed by big countries like China.

Although admitting that China's policies are often unpredictable, Zhao believes that setting up Bitcoin reserves is just a matter of time, given that Bitcoin is considered an asset that is resistant to inflation.