Arthur Hayes, former CEO of crypto derivatives giant BitMEX. It is believed that the next crypto bull market will begin when China returns. and Hong Kong plays a big part in this process.
in the blogpost On Oct. 26, titled “Comeback,” Hayes explained why he thinks the Hong Kong government’s announcement of crypto-regulatory legislation would signal that China is trying to get back into the market. and it may be because Hong Kong acts as “The representative that China will interact with the world”
“When China loves crypto, the bull market will return. Even though it’s a time consuming process But it’s just beginning.”
Hayes argued that Hong Kong could become a testing ground for China to experiment with crypto markets and serve as a hub for the Chinese capital to find its way into the global crypto market.
According to Hayes, “Hong Kong’s Redirection as a Place for Crypto” is Beijing’s strategy that will not shake the internal financial system.
Hong Kong is ranked as the best prepared country for the widespread adoption of crypto. According to a study by Forex Suggest published in July 2022, it looked at a number of factors such as Crypto ATM installations, crypto investors and startup regulations.
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