Bitcoin Not Banned in China, Officially Recognized as 'Property'

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This new position changes the paradigm as to how Bitcoin is perceived both in and outside of China. Prior to the ban in 2021, China accounted for a large Bitcoin mining hashrate. Before the United States and other major Bitcoin hubs took over, the market relied on the liquidity that emanated from China.

The industry has long adjusted, however, the reboot in Bitcoin sentiment and potential reapproval of trading might further complement the growth outlook of BTC.for Chinese investors in the interim. Though there is a very delicate line here, comments from Chinese scholars might set a precedent that could usher in a new era of adoption.Already, scholars believe Bitcoin is a property and can be traded since it has economic value.

Bitcoin inked an uptick today with its price up 1.90% to $64,897.90, a trend that might surge once the market prices in this news.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments.

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