At the end of interest rate hikes, then we start getting the market excited about the idea of interest rate cuts. Although, the Federal Reserve has indicated not to expect a rate cut anytime soon. Not even at all in 2023 and we could still be seeing a recession as the FED warns. Many are speculating that China is going to lead this cryptocurrency bull market. Currently, we are seeing a lot of very curious stories coming out of East Asia particularly China. China seems to be easing its approach to Bitcoin and crypto more broadly right now. Although, we are seeing real global competition for cryptocurrency business really starting to heat up. We have places like Dubai or the UK where you are saying bring your crypto business here.
If you remember that China led the move on global liquidity back in November was followed shortly thereafter by Japan and then by the United States. Right now, we are seeing China's credit starting to source all that money that China has been flooding into the markets are now starting to see credit soar as well. Chinese domestic loans on thing like housing is exploding right now. Hong Kong is currently pushing for web3 adoption the region. Hong Kong budget planning actually identified web3 Technologies as one of the key three focus areas they are going to be targeting. Remember, none of the pro-crypto things we are currently seeing happening in Hong Kong can't happen without the approval of Beijing. There are rumors that Chain could be considering reversing its proof-of-work mining ban.
This will cause a very rapid adoption of cryptocurrency. I can't wait
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