- Crypto influencer believes that the opening of the Chinese economy would benefit the crypto market.
- China recently announced the launch of the National Blockchain Technology Innovation Center in Beijing.
- A 20% tax introduced last month by China was seen as a positive sign for crypto adoption.
Popular crypto influencer Lark Davis believes that China could play a major role in the crypto market this year by inducing a bull market. According to Davis, the opening up of the Chinese economy would serve as a catalyst for crypto in 2023.
The general idea is that when the world’s second-largest economy, which has been rather dormant for the past couple of years, opens up for business, crypto will be one of the industries to benefit. However, there are three particular catalysts that make the case for a possible crypto bull run in 2023.
The first is an NFT marketplace that was announced by China in December last year. Embracing the crypto market through a state-backed Web3 venture was a sign of the country accepting an industry that spent many years in a legal gray area. The regulated NFT marketplace brought the country a step closer to crypto adoption.
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