China Daily<\/em> newspaper published a rare opinion piece, reflecting on the price of Bitcoin surpassing $100,000 recently and how it might impinge upon the global financial system.<\/p>\n\n\n\nInterestingly, it notes the instrumental role the US cryptocurrency regulation has played in forging global crypto regulatory landscape and how the US will continue to play a leadership role in the future development of crypto and financial innovation.<\/p>\n\n\n\n
\u201cThe cryptocurrency market represented by Bitcoin will become an important part of the global financial system, and Bitcoin’s market value will continue to expand with the development of the entire market,\u201d it said.<\/p>\n\n\n\n
It even said Bitcoin market capitalization will continue to expand and it will be \u201ccomparable to digital gold.\u201d<\/p>\n\n\n\n
\u201cFrom the current perspective, Bitcoin’s asset attributes will become stronger, and its status is expected to be comparable to digital gold,\u201d it said. \u201cIf the US president-elect clarifies the national strategic reserve status of Bitcoin, it will further promote the rise of Bitcoin’s market value and push it to become a global strategic asset.\u201d<\/p>\n\n\n\n
It also said that asset tokenization based on blockchain technology is expected to become an important trend, along with other financial innovations such as stable coins.<\/p>\n\n\n\n
\u201cIt is foreseeable that with the continuous development of the market and the gradual relaxation of US regulatory policies, financial derivatives with Bitcoin and other cryptocurrencies as underlying assets will continue to emerge, promoting the continuous prosperity and development of the cryptocurrency market,\u201d it added.<\/p>\n\n\n\n
However, the growth of the cryptocurrency market and innovation in financial products may likely have a negative repercussion on smaller economies.<\/p>\n\n\n\n
\u201cThe function of their national financial regulatory departments, and their domestic legal currency status are likely to be weakened in the process,\u201d it warned.<\/p>\n\n\n\n
About the author<\/strong><\/p>\n\n\n\nTsering Namgyal is the editor-in-chief of Blockwind News.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
December 10, 2024 By Tsering Namgyal Titled \u201cBitcoin reflects a fast-changing global financial system landscape,\u201d the state-run China Daily newspaper published a rare opinion piece, reflecting on the price of Bitcoin surpassing $100,000 recently and how it might impinge upon the global financial system. Interestingly, it notes the instrumental role the US cryptocurrency regulation has played […]<\/p>\n","protected":false},"author":4,"featured_media":6850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n
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