The drive towards mass adoption for Bitcoin has had a short, but storied, few years. Bitcoin broke into the mainstream off the back of some impressive upwards volatility, but hot a ceiling when regulators and governments stepped in. This was particularly evident with China’s stance towards Bitcoin and other decentralized cryptocurrencies.
Since then, Bitcoin has been attempting to break through and reach true mass adoption but struggling so. Innovations in blockchain technology have helped, as has the failings of traditional financial sectors and infrastructures, but there has yet to be a breaking point to tip Bitcoin into the mainstream.
Perhaps, one reason for this has been the failings of China to fully embrace Bitcoin. The country has reiterated its stance towards blockchain technology, but it has maintained its disagreement with decentralized cryptocurrencies. However, that is not to say that it disagrees with digital currencies being the future of money as it works towards its own version.
China is a major market and a big power in the global scheme of things. Its own market is still categorised as emerging, and is far behind the likes of the US and its hegemony over the global financial space – but it is growing.
A recent tweet from China-centric cryptocurrency commentator, Dovey Wan pointed out how much the Chinese currency has grown over the years and indicates that it is positioning itself as a challenger to the dollar.
The information showed that the Chinese yuan had become easily the most traded currency in emerging markets, and according to Wan, the battle against the dollar was becoming inevitable.
“It’s happening baby, it is happening,” she tweeted. “The mega currency war between Yuan and Dollar gonna be inevitable, the greater the divergence of the world is, the more vibrant Bitcoin will thrive”
Wan’s thoughts were that with the currency war growing, a position will emerge where Bitcoin is far more applicable and usable, which would help with its adoption. But the other side of things is that if China was to change its tune on Bitcoin, the currency would also gain a huge leap in adoption.
Bitcoin, of course, is far from the radar of China and looks like it will stay that way as the country tries to build its own coin. But even if there is some softening up on the regulation of the coin, there could be a big boom for the country, and its currency, the yuan.