China has had a complex relationship with cryptocurrencies, but recent news from Hong Kong suggests a shift towards a more positive attitude towards digital assets. This has attracted the most unlikely of financial gurus.
China has a complex relationship with Cryptocurrenciesbut the latest news coming from that country, especially from Hong Kong, r reveal a decidedly more positive attitude towards digital assets. Which attracts the attention of heavyweight Wall Street investors.
One of the most recent developments is the announcement from JD.com (JD), the technology and e-commerce giant, which will launch a stablecoin linked to the Hong Kong dollar on a public blockchainwith an exchange ratio of 1:1. This movement underlines a growing interest and adoption of cryptocurrencies in the region.
Interestingly, this turn in China’s policy exposes the investor to ‘The Big Short‘, Michael Burryto the cryptocurrency markets, specifically to a digital asset company. According to the latest 13-F report, JD represents its largest holdingThis development is ironic given that while Burry has not been particularly vocal about cryptocurrencies, His few comments have been mostly critical.especially during the FTX crash.
Michael Burry’s investments
Regarding your investments in China, JD and Alibaba (BABA) are controversial picks. Alibaba shares have been on the verge of profitability since Burry bought them, without generating significant profits.
Michael Burry.jpg
Forbes Argentina
JD has also been problematic; Burry continually adjusted his position and is likely to have experienced losses with the first purchase of shares since the end of 2022given the company’s stock market decline since then. However, some of its more recent purchases may have been more profitable.
In parallel, cryptocurrency adoption is gaining traction in China. In Hong Kong and mainland China, acceptance of digital assets is on the rise. For example, Reports from the spring of 2024 highlight that experts in the country have begun to officially recognize the value of Bitcoin (BTC). A 2024 expert seminar focused on protecting BTC holders and their property rights, as well as protecting against cryptocurrency losses due to actions such as theft.
Source: Ambito
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