Xinhua issues a statement to counter Trump's and Musk's cryptocurrency plans.

#加密市场回调 Against the backdrop of China's increasingly clear stance on Bitcoin and other cryptocurrencies, a commentary article by Xinhua News Agency ('The Financial Ecology and Risks Behind the Bitcoin Surge') serves as a breath of fresh air, directly pointing to the financial risks in the U.S. behind the soaring Bitcoin prices. This is seen as the prelude to China's offensive against Bitcoin and other cryptocurrencies.

The article, written by Xinhua reporter Su Liang, was published on December 6 and has attracted widespread attention. It reveals the Trump administration's favoritism towards Bitcoin and the political and economic motives behind it. Trump not only appointed Musk's close associate David Sacks to oversee cryptocurrency affairs at the White House but also plans to include Bitcoin in the national reserve, aiming to create the 'seventh major asset.'

Xinhua News Agency's commentary points out that the extreme volatility of Bitcoin and the lack of regulation pose potential threats to the U.S. and even the global economy. In response to Xinhua's commentary, Chinese netizens have expressed concern about the risks of cryptocurrencies and support for the government to take measures. They believe that the cryptocurrency strategies of Trump and Musk could bring not only volatility in financial markets but also harm to the real economy. In this context, the stance of the Chinese government is particularly critical.

The article mentions that Trump had a negative attitude towards Bitcoin in 2019, but by 2024, he changed his stance and plans to turn the U.S. into a global leader in cryptocurrency. This shift in attitude is not unrelated to the influence of Political Action Committees (PACs), of which Musk is one of the initiators. Xinhua's commentary is undoubtedly a response to the cryptocurrency strategies promoted by the Trump administration and Musk.

The commentary article from Xinhua News Agency is not only a warning about the risks of Bitcoin but also an important statement from China in the global digital currency war. In the face of the cryptocurrency plans of Trump and Musk, China has already begun to take action, and the future direction of this 'currency war' will undoubtedly attract more attention.

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