- 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.
Also read: Pro-XRP attorney predicts the altcoin’s rally to $2 ahead of SEC vs. Ripple verdict
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?