Benzinga – Crypto influencer Ben Armstrong, popularly known as BitBoy Crypto, has raised serious concerns about the Chinese bull run crypto narrative.
What Happened: In a YouTube video posted on Tuesday, BitBoy had strong words of caution for his followers who think that China will be a major contributor to the crypto market’s next bull run. “We give China too much importance when it comes to crypto and that makes us susceptible to all the negative things,” he said.
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The YouTuber added, “When they [China] come out and ban crypto for the 748th time, that’s going to have a big downswing and downward effect on the market as well.”
Why It Matters: Hong Kong regulators released a consultation paper to explore the framework for allowing retailers to trade large market-cap cryptocurrencies, reported Bloomberg.
Justin Sun, the founder of Tron, said that the bull market led by Chinese money will drive crypto adoption in Hong Kong and China.
This comes at a time when the U.S. crackdown on cryptocurrency intensifies, and the Security and Exchange Commission halted staking operations at Kraken.
Experts On Chinese Bull Run: Cameron Winklevoss, the co-founder of Gemini exchange, on Saturday pointed to the east as the source of the next crypto bull market — a prediction that appears to be reinforced by Hong Kong’s plans to license certain cryptocurrencies for retail investors to trade on June 1.
My working thesis atm is that the next bull run is going to start in the East. It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or be left behind. It can’t be stopped. That we know.
— Cameron Winklevoss (@cameron) February 19, 2023
Last week, Brian Armstrong, the founder of Coinbase, said that with countries like Hong Kong leading the crypto space, America will lose its status as a financial hub.
America risks losing it’s status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.
Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK, and now HK. https://t.co/i9WeUZ7K6H
— Brian Armstrong (@brian_armstrong) February 16, 2023
Read Next: Bitcoin, Ethereum, Dogecoin Slide Amid Rate-Hike Anxiety: Analyst Says ‘Avoid Emotions, Trade Prices’
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