CEO of USDC Issuer Believes China and Hong Kong’s Situation Will Propel Dogecoin and Altcoins to Greater Heights
Jeremy Allaire, CEO of Circle, predicts a high demand for digital assets such as Dogecoin, Bitcoin, Ethereum, and Cardano in emerging markets like Hong Kong and China. Despite recent recovery, Dogecoin remains in a bearish formation, having dropped 40% from its April highs. However, Allaire believes that events in Hong Kong, which is aiming to become a key financial hub for cryptocurrencies, will strengthen DOGE prices. The Hong Kong government has adopted a technology-neutral approach to regulating cryptocurrencies, with approved rules applying to all crypto assets. The Securities and Futures Commission (SFC) of Hong Kong requires all exchanges to be registered, licensed, and compliant with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. Leaked documents suggest that HSBC Hong Kong has already allowed Bitcoin and Ethereum exchange-traded funds (ETFs) trading on the Hong Kong Stock Exchange, giving them an advantage over US institutions. Meanwhile, despite numerous applications, the Securities and Exchange Commission (SEC) has yet to approve a Bitcoin spot ETF. The recent filing for a Bitcoin spot ETF by BlackRock has generated interest in crypto, boosting Bitcoin prices and supporting the bullish trend for Dogecoin.
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