Xi Jinping Backs Blockchain, Citron Quits GameStop Short, Trump Advocates for US Bitcoin Mining
Summary:
Chinese President Xi Jinping has acknowledged the potential of blockchain technology, despite the country's strict ban on crypto trading. Meanwhile, prominent GameStop short seller Citron Research has stopped its short position due to market volatility. Elsewhere, former US President Donald Trump has expressed his support for domestic Bitcoin production following meetings with key industry executives.
China may have prohibited cryptocurrency trading, but President Xi Jinping has recently lauded the potential of blockchain technology. Concurrently, a major GameStop short seller has announced cessation of its short position, blaming the "illogical nature of the market." Former US President Donald Trump meanwhile, is advocating for domestic Bitcoin production after discussions with top executives from the mining sector.
On 12th June, a letter from President Xi Jinping, praising the efforts of blockchain executive Andrew Chi-Chih Yao, surfaced. Yao works as the chief scientist of the Conflux network and holds a professorship at Tsinghua University. President Xi applauded Yao for his "patriotism" and urged him to persist in "crafting innovative training models, fostering interdisciplinary and groundbreaking innovation…and contributing positively towards achieving advanced scientific and technological self-sufficiency."
Worth noting, Conflux is a layer-1 blockchain that utilizes a hybrid proof-of-work and proof-of-stake consensus and is managed by the Conflux Foundation. The venture asserts to be the "sole regulatory-compliant public blockchain in China.”
Despite its exploration into blockchain technology, China maintains an adverse stance towards digital assets, with a stringent ban on crypto trading. Irrespective of this prohibition, Conflux operates its own token, boasting a market worth of approximately $1 billion.
In another development, Citron Research, a notable short seller of GameStop, stated the termination of its short position on GameStop (GME) stock. The leading short seller closed its GME short trade, pointing to the "illogical market" and "fanatical" shareholder behavior. The announcement emerged following a significant rise in GME stock price, upon an impressive 22.8% intraday rally on Tuesday.
Donald Trump, the former US President, restated his endorsement for Bitcoin (BTC) miners post a meeting with key executives from American cryptocurrency mining companies. He expressed on his Truth Social platform that he desires for the residual Bitcoin to be "MADE IN THE USA!!! [sic]," asserting that this will fortify the country's energy dominance.
In a prior interaction held at his Florida Mar-a-Lago residence, Trump hosted Bitcoin miners, which included executives from top firms such as Riot Platforms, CleanSpark and TeraWulf.
Matt Schultz from CleanSpark informed Bloomberg that Trump assured to back the industry in case he is re-elected as the President this November. This is significant considering Trump just attended his inaugural parole officer meeting on June 10 following a guilty verdict on 34 felony counts for falsifying business records.
Published At
6/12/2024 9:53:20 PM
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