Justin Sun Urges China to Embrace Cryptocurrency Amid Trump’s Bitcoin Advocacy

Tron founder Justin Sun has urged China to reconsider its cryptocurrency stance in light of former President Donald Trump’s recent support for Bitcoin.

“China also needs to step up. Since President Trump pushed for Bitcoin, US policies have warmed. China should make further progress in this area,” Sun tweeted on July 28.

Sun’s comments followed Trump’s speech at Bitcoin 2024 in Nashville, Tennessee, on July 27, where Trump suggested a potential shift in US crypto policy should he be re-elected. He emphasized that the US must prevent China from dominating the crypto sector.

“If we don’t embrace crypto and Bitcoin technology, China will. Other countries will,” Trump stated. “They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”

Contrary to Trump’s competitive stance, Sun views the situation more cooperatively.

“Competition between China and the US in Bitcoin policy will benefit the entire industry,” Sun noted.

Sun has long advocated for a more relaxed Chinese crypto policy, suggesting that the perceived extent of China’s anti-crypto stance is exaggerated. Despite heavy restrictions, crypto trading remains popular in China, with many citizens finding ways around the limitations.

The Chinese government maintains a strict stance against activities that promote speculation in virtual currencies or “deviate from the needs of the real economy.” In September 2021, China’s crackdown on cryptocurrency mining prompted a mass exodus of mining operations.

While major cryptocurrency exchanges like Binance and OKX originated in China, they are no longer welcome there. However, Beijing continues to invest heavily in blockchain and web3 technologies. In 2019, President Xi Jinping highlighted the importance of blockchain for technological development, urging faster growth in the sector.