Joseph Chee, chief executive of Solana Company, today drew attention by suggesting cryptocurrencies could enter another supercycle if China restarts crypto trading. Unconfirmed reports online
Joseph Chee, chief executive of Solana Company, today drew attention by suggesting cryptocurrencies could enter another supercycle if China restarts crypto trading.
Unconfirmed reports online suggest China could lift the crypto ban by year-end. This appears to be true. Today, Solana’s CEO said China could power the next crypto supercycle, and it is rumored to be preparing to soften its crypto restrictions by the end of 2026. Although the executive did not give a timeframe, he said China could trigger the next Bitcoin supercycle if the state allows its citizens to trade crypto under strict control.
Previously, Chee led Asia investment banking at UBS. He is now the CEO of Solana Company, a Nasdaq-listed company that holds SOL tokens as its primary treasury reserve.
In an interview aired earlier today, Chee told CNBC’s Squawk Box Asia that China closely follows crypto technology through experts and scholars. The executive said government officials are using Hong Kong as a hub to examine how to relaunch and regulate cryptocurrencies.
Based on his interview, Chee believes Beijing is figuring out how to manage the technology while allowing citizens to access crypto trading. With that access potentially opening, the executive said China is poised to unlock another supercycle for Bitcoin and the wider crypto market. For now, Chee believes China may not allow trading or the global issuance of stablecoins, digital assets tied to currencies like the US dollar, based on his knowledge.
China has one of the world’s largest investor populations. Since 2021, it has banned crypto trading and mining nationwide, citing financial risks and energy concerns.
As Chee shared, the Asian country may be aiming to reopen crypto trading. Although it restricts crypto trading, the state has strongly supported blockchain technology. Despite the nationwide ban, Hong Kong embraces crypto trading, making it fully legal and a key pillar of the digital asset industry.
This strongly signals that China does not want to be a bystander in the blockchain-powered economic transformation or cede industry dominance to other countries.
