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BitcoinBTC, ethereum and other major cryptocurrencies have struggled to regain momentum this year despite some of the world’s biggest companies quietly laying the ground work for the next crypto price bull run.

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The bitcoin price rally this year has stalled as fears rise the U.S. could crack down on bitcoin and other major cryptocurrencies ethereum, BNB, XRP, cardano, dogecoin, polygon and solana.

Now, after TeslaTSLA billionaire Elon Musk issued a surprise crypto warning this week, Changpeng “CZ” Zhao, the chief executive of the world’s largest crypto exchange Binance, has predicted China could be about to trigger the next bitcoin price bull run.

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MORE FROM FORBESBiden Will ‘End Up Killing It’-Serious Crypto Warning Could Spell Chaos For The Price Of Bitcoin And EthereumBy Billy Bambrough China’s president Xi Jinping oversaw a crypto [+][-] crackdown in 2021 that saw bitcoin as well as other smaller cryptocurrencies etheruem, BNB, XRP, cardano, dogecoin, polygon’s matic and solana banned in the country.AFP via Getty Images “China Central Television just broadcasted crypto,” CZ posted to Twitter alongside a link to CCTV’s website that showed a TV segment that featured a bitcoin ATM in Hong Kong and a sign that said “buy bitcoins.”

“It’s a big deal,” CZ said. “The Chinese-speaking communities are buzzing. Historically, coverages like these led to bull runs.”

China has had a fraught relationship with bitcoin, ethereum and other cryptocurrencies over the years, repeatedly cracking down on it. In 2021, China enacted its strictest crypto trading and mining ban yet, ejecting all bitcoin, ethereum and crypto miners from the country.

Hong Kong followed China in clamping down on bitcoin and crypto trading platforms but has recently adopted a new crypto licensing regime that will allow the trading of established cryptocurrencies such as bitcoin and ethereum from June 1.

The new rules will require all trading platforms and exchanges to apply for a licence or risk fines and jail terms.

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MORE FROM FORBES’Who’s Laughing Now?’-Bitcoin Price Now Braced For 3 Billion User Shock As Strike CEO Issues A Serious Coinbase And Ethereum WarningBy Billy BambroughThe bitcoin price has swung wildly in recent [+][-] years, dragging the wider crypto market with it, including ethereum, BNB, XRP, cardano, dogecoin, polygon’s matic and solana.Forbes Digital Assets “A significant majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors,” Honk Kong’s Securities and Futures Commission (SFC) said in a statement this week.

“The SFC will implement a number of robust measures to protect these investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures.”

Get the best of Forbes to your inbox with the latest insights from experts across the globe.Follow me on Twitter. Billy BambroughI am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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