Family, who understands! The crypto market in 2025 has directly split into two extremes: on one side is China's 'zero tolerance control', and on the other is America's 'carnival-style acceptance'. As an old analyst who has been watching the crypto track for 8 years, I dare say this operation is more thrilling than any candlestick chart!
Let's first talk about China, no pretenses here: Virtual asset trading? Completely banned + regulated by law, don't think about finding loopholes; the so-called 'stablecoins'? There is no compliance space, they are essentially illegal tokens; as for mining? It has long been included in the strict regulatory list, and any related activities within the country will be held accountable. But here's the key: this is not a 'one-size-fits-all ban', but rather 'precise guidance'. Hong Kong, as an offshore innovation testing ground, has already opened up crypto trading channels for professional investors. What about ordinary users? The digital renminbi is the answer! By mid-2025, the digital currency pilot will cover over 90% of prefecture-level cities nationwide, with cross-border settlement scenarios exceeding 30. Behind this is the country's absolute control over 'digital sovereignty'. My personal view: China's logic has never been 'anti-crypto', but rather against 'unregulated financial risks'. After all, there were too many traps in the coin circle that harmed retail investors in previous years; ordinary retail investors simply can't withstand it. This kind of 'strict father-style protection', while uncomfortable for speculators, safeguards the bottom line of financial stability.
Looking at the United States, it's simply another extreme: Bitcoin has been elevated to the height of a 'national strategic reserve', the total scale of spot ETFs has exceeded $80 billion, and the top five investment banks on Wall Street hold more than 60% of the total; stablecoins are directly defined as 'USD 2.0', with compliance issuance channels fully opened, and the Federal Reserve even turns a blind eye to their use as cross-border settlement supplementary tools; mining? Texas directly calls for 'electricity discounts + policy subsidies', attracting 30% of global cryptocurrency computing power with a low cost of $0.03 per kilowatt-hour (wind + natural gas combination); and CBDC (Central Bank Digital Currency)? American politicians have directly stated, 'refusing to monitor citizens' financial freedom', essentially indicating that Wall Street does not want to lose the right to issue currency to the central bank. As an analyst, I must clarify: America's 'free-range' is not about 'freedom above all', but about tying cryptocurrency assets to the chariot of USD hegemony, making Bitcoin the 'digital gold' of the dollar and stablecoins the 'cross-border disguise' of the dollar. In the end, it is still Wall Street harvesting global retail investors. This 'sugar daddy-style feeding' looks lively for retail investors, but the risks are hidden.
The current state of the global cryptocurrency market is too funny: on one side, some users are obsessed with cross-border compliance exploration, shouting 'let's wait for policy to loosen', yet they dare not touch any non-compliant assets; on the other side, there is the ETF carnival in the US market, with institutions shouting 'the first year of cryptocurrency legalization', retail investors following the surge, but forgetting the lessons from the FTX explosion in 2022. As an old hand, I have to say this: this is not 'two worlds', but 'two types of risks'. The risk in the Chinese market is 'non-compliance equals zero', while the risk in the US market is 'bubble burst equals zero'. Ordinary investors must not be misled by emotions.
Which side of the track do you prefer? Is it the cross-border dividend of digital RMB, or the compliance opportunities of US ETFs? Let's discuss your judgment in the comments! Follow me for the next issue where I will directly analyze the practical guidelines for cryptocurrency compliance in Hong Kong, and predict the policy reversal signals in 2026. Long-time followers know that my accuracy in analyzing policies has never disappointed. Stay focused and we will see each other in the comments!
