Yesterday we reported that Du Jun, one of the founders of Seychelles-based crypto exchange platform Huobi said that Bitcoin may not see a bull market until late 2024 or early 2025. He explained that the Bitcoin bull market is prone to a process he termed “halving” and said this is expected to happen every few years as Bitcoin experiences bull markets. “It is really hard to predict exactly because there are so many other factors which can affect the market as well — such as geopolitical issues including war, or recent Covid, also affect the market. Following this cycle, it won’t be until the end of 2024 to the beginning of 2025 that we can welcome the next bull market on bitcoin”, he said.
Following this, the Chinese CEO has revealed the company’s intention to re-enter the US market after two years of shutting down its operations in the country. The exchange has to bring its operations in the US to a pause following regulators’ demand.
Huobi, however, might not be re-entering the US market as an exchange but instead will be focusing on offering services in other areas such as asset management, Du Jun said.
Translated to English from Mandarin, Du Jun’s said that “In 2018, we tried to enter the U.S. market but we quickly withdrew ourselves because we didn’t have a strong commitment to the market at that time and we didn’t have a good management team in the US. I expect asset management to be a bigger business than exchange, which echoes the traditional finance market as well. I don’t think exchange is a necessary element for entering the US”.
If the company re-enters the US, it will be competing with other well-established exchange platforms like Coinbase. Du Jun, however, failed to give out information about which business will be launched first as the company re-enters the US market. Huobi makes the list of top ten cryptocurrency exchange platforms globally by trading volume and re-entering the US market will make the heads of other rivals turn.
A little throwback to when Huobi first entered the US market… The company first made its way into the US in 2018. In 2019, it suffered some complications associated with regulations and announced that it was putting the accounts of US-based users on its platform on hold. The company did mention that it would make a return to the market. The time is finally here…
Re-entering the US market comes as part of the company’s plan to expand beyond its home country following years of tight scrutiny from Chinese regulators.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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