Justin Sun is confident that this significant development will mark an important milestone in the growth of the cryptocurrency industry and contribute to the global recognition of digital currencies, particularly among major investment firms. Sun placed particular emphasis on China, stating that the country could potentially participate in the cryptocurrency ETF market. He also predicted that other Asian countries, where interest in cryptocurrencies is rising, would follow the example set by the US.
“The approval of a Bitcoin ETF in the US demonstrates that the cryptocurrency trend cannot be halted. In the near future, Asian and Chinese markets will also seize this opportunity, and eventually, the number of Bitcoin users across the world will reach 8 billion people (which is roughly the size of the world population),” Justin Sun wrote on the X social network.
Meanwhile, Johnny Ng, a member of the Hong Kong Legislative Council, has already urged the authorities in the administrative region to explore the possibility of creating Bitcoin-linked ETFs. Ng believes that the introduction of such products would benefit both the local and global economies.
The politician considers it crucial to provide education on the utilization of virtual assets in order to increase public awareness of Bitcoin and mitigate the risks of illegal activities. By embracing cryptocurrency ETFs, Hong Kong has the potential to become an international hub for virtual assets, thereby bolstering investor confidence in this burgeoning sector of the economy, according to Johnny Ng.
In December, Hong Kong’s Securities and Futures Commission (SFC) and the local Central Bank announced their readiness to review applications for launching spot cryptocurrency ETFs, along with publishing specific requirements for interested companies.