Justin Sun says he is moving to Hong Kong, warns community about being ‘too US-centric’ Justin Sun says he is moving to Hong Kong, warns community about being ‘too US-centric’
Justin Sun said that the U.S. was not the only major player in the crypto industry, advising the community to focus on other countries.
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Updated: Aug. 6, 2023 at 2:28 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tron (TRX) founder Justin Sun said he is moving to Hong Kong because the Chinese crypto market is rising in a Jan. 29 Twitter thread.
Sun added that experts have predicted that the Asian country would dominate the next bull market.
Sun is bullish on China
The crypto entrepreneur pointed out that China’s crypto market has a strong track record of adoption and innovation, adding that the country has a large community of traders and developers.
“With this in mind, I’ve decided to move to Hong Kong to be closer to the action and take advantage of the opportunities in Asia market.”
Sun stated that he is moving to the region because Tron was trying to expand its reach in Hong Kong, while his exchange Huobi has a strong focus on the market there. He added that China’s dominance is becoming more apparent as the crypto market matures and adoption grows.
BitMEX’s former CEO Arthur Hayes previously predicted that the next bull run would start when China moves back into the market. Hayes added that Hong Kong has a pivotal role in this move.
Meanwhile, the Chinese government appears to be softening its anti-crypto stance. The government recently launched its first regulated NFT trading platform while the Chinese app Little Red Book recently integrated the layer 1 blockchain network, Conflux.
Warns community about being “US-centric”
The Tron founder advised the crypto community not to be “too US-centric” because the country is not the only major player in the crypto industry.
Justin Sun said the crypto community should focus on educating and building partnerships with governments worldwide and not just in one country.
Sun said:
“I believe that if 7.7 billion people on Earth adopt crypto as legal tender, the 300 million people in the US will eventually follow suit.”
Sun added that crypto’s use case as a legal tender is not just about “buying and selling” goods and services. According to him, crypto gives “people greater control over their own financial futures.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
TRON is one of the largest blockchain-based operating systems.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
Arthur Hayes, a prominent figure in the world of cryptocurrency, co-founded the cryptocurrency exchange BitMEX and served as its CEO until recent events shifted his career trajectory.