Bitcoin's Legal Status Strengthened in China
Shanghai's Second Intermediate People's Court has officially acknowledged Bitcoin's distinct characteristics, emphasizing its unique, non-replicable nature and intrinsic value. This landmark decision differentiates Bitcoin from other virtual currencies like Q币, reinforcing its property attributes under Chinese law.
👉 Why this ruling matters for global crypto adoption
Key Developments
1. Judicial Recognition of Bitcoin’s Scarcity
- Court Statement: Bitcoin’s scarcity and property value are now legally recognized, despite China’s prohibition on financial institutions handling crypto-related services.
- Expert Insight: Judge Ren Suxian clarified that private peer-to-peer transactions remain permissible, and Bitcoin’s control via private keys solidifies its asset classification.
"Bitcoin’s property attributes can no longer be ignored in social or financial contexts."
— Judge Ren Suxian
2. Justin Sun’s Crypto Portfolio Skyrockets
- Monthly Growth: TRON founder Justin Sun’s holdings surged 50% to $733 million, per Arkham Intelligence.
- Top Asset: Wrapped Staked Ethereum (WSTETH) valued at $315 million dominates his portfolio.
Market Implication: This volatility underscores crypto’s high-risk, high-reward nature.
Bitcoin ETF and Institutional Adoption
Anthony Scaramucci’s Predictions
- Bitcoin ETF Impact: "Every Wall Street firm will sell Bitcoin ETFs, expanding market access."
- Long-Term Bullishness: Advises holding Bitcoin for 10–20 years, comparing its trajectory to the early internet.
👉 How ETFs could reshape crypto investing
Technical Analysis (Bitcoin)
- Current Price: $26,083 (as of September 25).
Critical Levels:
- Support: $24,800
- Resistance: $27,948 (50-day SMA)
- 4-Hour Chart: A break above $27,400* could signal recovery toward *$28,143.
Caution: Failure to hold $26,200* may trigger a drop to *$25,750.
FAQ
Q1: Is Bitcoin legally recognized in China?
A: Yes—as virtual property, but financial institutions cannot trade it.
Q2: Why did Justin Sun’s holdings increase 50%?
A: Market fluctuations and strategic accumulations.
Q3: When might a Bitcoin ETF launch?
A: Approval timelines remain uncertain, but institutional demand is growing.