Chinaās crypto rollout could trigger Bitcoin supercycle, says Solana Company CEO
Joseph Chee argues a managed reopening of mainland crypto access could unleash a new cycle, with Hong Kong serving as Beijing's test lab
A former UBS Asia investment bank chief thinks the biggest swing factor for Bitcoin might not be in Washington or on Wall Street. It might be in Beijing.
Joseph Chee, now CEO of Solana Company, said that China reopening crypto trading and widening its use of blockchain could set off a new supercycle for digital assets. He sees Bitcoin as a particular beneficiary. His condition is a big one, though: the risks have to be managed well.
What Chee actually said
Chee made the remarks on CNBC’s Squawk Box Asia on October 6, 2026. His core argument was about scale. If the mainland reopens access, demand from China’s massive user base could be significant.
The key word in his framing is “if.” Chee tied any supercycle to effective risk management. He did not describe a done deal or a timeline. He described a scenario that depends on how carefully Beijing handles the opening.
That nuance matters. The online summary of his view leaned more confident, saying the rollout “will” trigger a supercycle. On air, the argument was conditional: a reopening could spark one, provided the risks are contained.
He also made a point about geography. According to Chee, Beijing is using Hong Kong as a testing ground. The city lets policymakers experiment with how to handle digital asset adoption and trading before anything reaches the mainland.
One clarification is worth making. UBS itself was not linked to the comments. Chee was speaking in his current role, and his UBS background is part of his rƩsumƩ rather than part of the message.
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Why Hong Kong keeps showing up in this story
Mainland China has kept strict limits on crypto trading in place since September 2021. That crackdown effectively walled off one of the world’s largest pools of potential crypto users from the market.
Hong Kong took a different path. The city has been building out regulatory frameworks that make it far more welcoming to digital assets than the mainland.
Two areas stand out. Hong Kong has developed licensing frameworks for stablecoin issuers, the companies that mint tokens pegged to traditional currencies. It has also launched pilot projects for tokenizing real-world assets.
Chee’s thesis connects these efforts to a larger plan. If Hong Kong’s rules work, they could become a template for gradual policy experiments on the mainland.
What this means for Bitcoin and the broader market
For investors, the bull case is simple to state. A reopened China could mean a wave of new capital and trading activity flowing into Bitcoin and other digital assets. Access to one of the world’s largest potential markets would be restored after years of restrictions.
The bear case is just as simple. None of this has happened. Chee described a potential reopening, not an announced one. The mainland’s 2021-era limits remain the reality on the ground.
The more useful signal to watch is Hong Kong itself. How its stablecoin licensing regime performs, and whether its tokenization pilots produce real results, will likely shape how Beijing views any broader move.
For the wider industry, the stakes go beyond price. Stablecoin issuers and tokenization firms have a direct interest in how Hong Kong’s frameworks develop. Firms that establish themselves under those rules may be best positioned if the mainland eventually follows Hong Kong’s lead.
Chee’s own position is worth noting too. As CEO of Solana Company, he runs a business with a direct stake in digital asset adoption. That does not make his analysis wrong, but readers should weigh it accordingly.