China unbanning crypto rumors flamed by Justin Sun

A single tweet on X by Justin Sun on 18th August has flamed the rumors of China unbanning crypto. This comes after Galaxy Digital CEO Mike Novogratz mentioned in a tweet on 14th July that he had been hearing reports of China unbanning Bitcoin in late 2024.

“If this is true, and it’s the second time I’ve heard in weeks, it’s a huge deal,” Novogratz said, though this tweet has since been deleted, he admitted more information was needed.

His statement was also met with doubt, with an X user pointing out that China has banned and “unbanned” crypto multiple times without any lasting changes.

As always, this has gotten the crypto industry excited but there has been absolutely no official indication of anything like this happening and even putting it in the rumour phase would be an overstatement right now.

Given the friend or foe history between China and crypto, everyone is reading this rumour with caution. China has banned and unbanned crypto multiple times before and the shift would probably be gradual rather than sudden.