August 8, 2022

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Will China’s shift in tone towards Bitcoin provide a bit of comfort?

1 min read

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PBOC deputy governor, Li Bo, called Bitcoin an “investment alternative”

After the weekend plunge, perhaps crypto investors can take some comfort in the latest shift in stance by China towards Bitcoin and cryptocurrencies.

During a panel at the Boao Forum for Asia, PBOC deputy governor, Li Bo, remarked that “we regard Bitcoin and stablecoin as crypto assets.. These are investment alternatives.”, as highlighted by CNBC here.

Adding that “they are not currency per se and the main role is investment alternative”.

While the shift in tone is encouraging, it needs to be followed up by regulatory changes to make things ‘official’. However, at least there is some recognition for now and perhaps investors can point to that for a reason to keep with the BTFD and HODL strategy.

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