China coin narrative in play as Coinbase CEO warns of restrictive US crypto policies
- Coinbase CEO Brian Armstrong said China will benefit from the enforcement of restrictive US crypto policies.
- The China coin narrative gains traction as Armstrong highlights Hong Kong emergence as a global crypto hub.
- Conflux, NEO, TRON, Alchemy Pay and Sandbox are likely to benefit from China inflows.
Brian Armstrong, CEO and co-founder of cryptocurrency platform Coinbase, shared his thoughts on restrictive US crypto policies in an opinion editorial published by Market Watch on Tuesday. Armstrong said Hong Kong’s emergence as a global crypto hub is in line with the China coin narrative.
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Coinbase CEO slams US crypto policies
Armstrong criticized the restrictive cryptocurrency policies in the US and shed light on the big picture in crypto. In the article, he commented on the importance of America’s technology leadership for the nation’s national security.
Failing to see that crypto is about much more than individual transactions risks America's time-honored role as the global financial leader and an innovation hub
The Coinbase CEO identified two Chinese technology giants, Alipay and Tencent, as well as the launch of the Digital Yuan as key indicators of the brewing China coin narrative. Crypto trading will be available for retail traders in Hong Kong from June 1 and the special administrative region is set to emerge as a global crypto hub.
According to Armstrong, these events support the thesis that China has a strategy to leverage financial technology to project its national interests.
Which cryptocurrencies could benefit from the China coin and Hong Kong narrative?
TheWignus (@TheWignus), a crypto analyst with 2.4 million followers on Twitter, numbered some cryptocurrencies that are likely to benefit from the China coin and Hong Kong narrative. The expert has divided these assets into separate categories based on their utility and explained how they are relevant to the China coin narrative.
China and Hong Kong narrative coins of 2023, according to @TheWignus
Conflux (CFX), Neo (NEO), Tron (TRX), Alchemy Pay (ACH), Sandbox (SAND) or VeChain (VET) are among the leading cryptocurrencies that rank in the list. These assets could benefit from the China coin narrative as they are related to cryptocurrency entrepreneur Justin Sun, Chinese infrastructure, or supply chain.
Over the past two weeks, as the Hong Kong narrative gained popularity among crypto market participants, NEO price yielded 10% gains, TRON price rallied 7% while SAND and ACH prices climbed nearly 2%. The assets listed by TheWignus are likely to yield gains for holders over the next week as Hong Kong opens the door to retail crypto trade.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
