China's Crypto Reopening Could Spark Bitcoin Supercycle Says Solana CEO

Joseph Chee, CEO of Solana Company and a former UBS Asia investment bank chief, believes that China's potential reopening of crypto trading could ignite a Bitcoin supercycle. Speaking on CNBC's Squawk Box Asia on October 6, 2026, Chee emphasized that the demand from China's massive user base could significantly impact digital assets if Beijing manages the risks effectively.

The key factor in Chee's argument is the conditional nature of China's policy shift. He described the scenario as dependent on how carefully Beijing handles the reopening, rather than an imminent change. China has maintained strict crypto trading restrictions since September 2021, effectively cutting off one of the world's largest potential crypto markets.

Chee highlighted Hong Kong as a testing ground for Beijing's digital asset policies. The city has developed regulatory frameworks for stablecoin issuers and launched tokenization pilot projects, serving as a model for potential mainland adoption. The success of these initiatives could influence Beijing's broader policy decisions.

For investors, the potential reopening of China's crypto market presents a bullish case, with the possibility of new capital and trading activity flowing into Bitcoin and other digital assets. However, the bear case remains that no official reopening has been announced, and the current restrictions are still in place.