We are currently living in what is probably the most exciting and challenging times in the crypto world. Although Bitcoin and many altcoins may be experiencing a decline against the dollar, this event is expected to be short-lived, and it would be unwise to ignore what is happening right now.
A few months ago, in one of my previous posts, I mentioned that Bitcoin would serve as a magnet for voters during the US presidential elections. While Trump clearly isn't your Bitcoin guy, and Biden is a senile moving fossil who doesn't even know what a cryptocurrency is, there are a couple of official presidential candidates in the US who are pro-Bitcoin.
These two candidates are Robert F. Kennedy Jr. and Ron DeSantis. RFK has stated in some of his electoral speeches that Bitcoin represents a democratic manifesto, whereas central bank digital currencies (CBDCs) mark the end of the fundamental liberties Americans have enjoyed.
Presidential candidate Ron DeSantis has boldly proclaimed that if he wins the 2024 election, there will be no central bank digital currency (CBDC). In an official announcement on Twitter alongside Elon Musk, he also declared that he would protect Bitcoin if elected.
Ron DeSantis said, "I think the current regime, clearly, they have it out for Bitcoin, and if it continues for another four years, they'll probably end up killing it."
"I believe people should have the freedom to use Bitcoin. As president, we will safeguard the ability to engage in activities involving Bitcoin. I have no desire to excessively control everything people do in this space. The current regime is clearly hostile towards Bitcoin, and if they remain in power for another four years, they will likely destroy it."
It is interesting to note that after 14 years of existence, Bitcoin has become a legitimate part of nearly every presidential candidate's platform. This is a massive development. And you know what else is massive for the industry?
CCTV (China Central Television) is now broadcasting news about crypto. This was recently announced by CZ of Binance, and it serves as clear proof that crypto is here to stay and is unstoppable. Do you remember how determined China was to eradicate crypto just a few years ago?
Now we find ourselves in a different situation. While another significant event is taking place in the financial landscape, with BRICS threatening to challenge the dollar's hegemony as the international exchange currency, China has experienced a substantial increase in the usage of the CNY in international trade and is now embracing crypto.
"The capital city of China's Jiangsu province, Nanjing, has launched a new government-backed metaverse platform. Specifically, the China Metaverse Technology and Application Innovation Platform aims to promote development in this sector throughout the country."
The Nanjing University of Information and Science Technology (NUIST) is leading this initiative, and an official announcement has identified the founding members of the platform, including representatives from various academic institutions and metaverse-focused companies across the county.
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While it is true that this platform is state-owned, the trend is evident. Technology is difficult to control, and instead of constantly resisting it, governments prefer to leverage the trends that the masses are embracing. Additionally, I would like to highlight that starting June 1st of this year, Hong Kong will open crypto trading for retail investors.
Make a note of this date, as it may be the day when the bulls return. Be prepared and don't let fear, uncertainty, and doubt (FUD) or a typical bull market correction shake you out.
Thanks for your attention,
Adrian