Justin Sun Says China Is Poised to Flip on Bitcoin and Crypto After His Recent Legal Victory

The bitcoin price has lost almost 20% over the last month, crashing back from its recent highs of over $70,000 per bitcoin as Federal Reserve chair Jerome Powell issues a "critical" warning.

Bitcoin price crashed to lows of around $60,000 per bitcoin last week, slipping sharply from recent highs of over $70,000 per bitcoin on major crypto exchanges.

Now, crypto entrepreneur Justin Sun—who recently sold his NFT collection for a record $34 million—has said China is set to "flip" on bitcoin and crypto after his recent legal victory in the country.

Sun, who founded the tron blockchain and cryptocurrency, told The Block that his recent court victory in China is "very important."

"I think the mainland China legal battle win is very important because a lot of the rumors spread on the misunderstanding of the mainland China legal policy interpretation," Sun said.

Last month, Sun won a court victory in China after allegations—mostly spread in a March 2022 piece in The Verge—that he was under investigation by the FBI and was suspected of insider trading were found to be "entirely unsubstantiated" by the court.

Following the court victory, Sun took out a paid ad in the crypto industry publication Blockworks to spread the news of his legal victory.

"This is a big win for not only for me but for the industry itself because cryptocurrency has been long been seen as a grey area in China," Sun said, adding the court in China has given some legitimacy to crypto.

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Sun, who is also an influential adviser to the crypto exchange HTX, sold his NFT collection, titled "Justin Sun's APES," for a record $34 million last month.

The NFT collection was sold to an anonymous buyer, who will now own the collection of 10,000 bored ape NFTs. Sun had previously sold a single NFT from the collection for $2 million.

"I'm very bullish on the NFT market and I think it will continue to grow in the future," Sun said at the time, adding he had decided to sell the collection to "give back to the community."

"I hope the buyer will enjoy the collection and I wish them all the best in their future endeavors."

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