Popular ETF experts claimed that the government of mainland China may ban any possible way of buying Bitcoin spot ETF products.
Crypto-related activities have been strictly prohibited in the jurisdiction of Mainland China since Dec 2021. Before the roll-out of the Chinese Central Bank digital currency (CBDC), or say digital Yuan, the People Bank of China (PBoC) imposed a blanket ban on cryptocurrencies and also restricted the access of any kind of crypto-related websites, even crypto news websites.
On 17 April 2024, Eric Balchunas, senior ETF expert at Bloomberg, said that the Mainland China government will not allow citizens to invest in Hong Kong-based Bitcoin spot ETF and also there are huge chances that any kind of alternative ways to buy these ETFs will be shut down.
However, Balchunas already claimed that the market of Hong Kong-based Bitcoin spot ETF products will be very small in comparison to the US Bitcoin spot ETF products.
But over the past couple of months, many people claimed that the Hong Kong Bitcoin spot ETF market will be somewhere around 25 billion dollars.
Balchunas said that he doesn’t think that it will be $25 billion, he said that his estimation is around $1 billion maximum investment in the next 2 years, from the date of launch, and also noted that $1 billion will be a very healthy figure for Hong Kong Bitcoin ETF market.
The ETF expert said that the $1 billion target will be only hit under those circumstances where infrastructure will be good enough to invest money.
It is worth it to note that despite the crypto blanket ban, many people from Mainland China visit Hong Kong to buy & sell cryptocurrencies.
So people expect that it will not be very hard for Mainland Chinese citizens to move funds in Hong Kong to invest money in Bitcoin spot ETF products.
Read also: Bitcoin crashes to $59.5k, Pompliano shows a very big picture for Bitcoin’s future post-halving
Mainland China may shut down possible alternative ways of buying Bitcoin spot ETF for citizens
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