During the past week, Bitcoin saw the bulls coming back to the crypto market.

The reasons for which the bulls returned have been addressed by Gabor Gurbacs who noted three main reasons for which the bulls are back in the crypto market.

“CME Bitcoin futures expired

President Xi Jinping supports blockchain in China.

Crypto Capital CEO arrested. Exchanges, such as Bitfinex, may get some of the seized 850 million back.”

Mike Novogratz says China will get ahead of the US

Now, Bitcoin bull, Mike Novogratz, believes that China could be definitely getting ahead of the US in terms of embracing the emerging technologies and the fintech revolution.

In a new tweet, Novogratz shows a Walgreens in Las Vegas that’s accepting China’s AliPay.

You can check out his tweet below:

What really happened in China was that the Standing Committee of the 13th National People’s Congress revealed that a new cryptography law is going into effect starting January 1, 2020.

China’s national Congress said that the new law would support research and development that’s related to commercial cryptography technologies.

The country also reportedly plans to develop a regulatory framework for the markets as well.

China and Facebook’s Libra – two potential threats to Bitcoin

Before posting the tweet mentioned above, Novogratz was a guest on CNBC’s Squawk Box, and there, he responded to a question about China and Libra being possible threats to Bitcoin.

Here’s what he had to say back then, as cited by the online publication the Daily Hodl:

“They’re actually additive to Bitcoin because both what China’s working on – a digital renminbi – and what Libra is – which is going to be either a digital dollar or a digital basket of currencies or some version of that – are payment systems really, or currencies, where Bitcoin is gold.”

He continued and said that “Gold’s not a threat to the dollar, nor will Bitcoin be a threat to these payment currencies.”

Meanwhile, optimistic Bitcoin-related predictions keep pouring in the crypto space.

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