The Trump administration’s formation of a U.S. Strategic Bitcoin Reserve might have China re-thinking its hardline stance against crypto and that could be key for accelerated global adoption of BTC, asset manager Grayscale said in a research report Monday.

“The most important country to watch in this regard is China,” said Grayscale, adding that if the country eases its crypto restrictions “it could significantly boost global adoption.”

President Trump last month directed his administration to form a Strategic Bitcoin Reserve to — at a minimum — hold the assets that have been seized by the government.

Grayscale noted that current Chinese government policy bans most crypto activities, such as trading and mining, but permits the holding of digital assets.

Still, “policymakers have allowed an expansion of crypto-related activity in Hong Kong under the ‘one country, two systems’ framework,” Grayscale said.

Local regulators may be taking another look at the legal treatment of cryptocurrencies in the country. China’s Supreme Court and other judicial bodies had a discussion in February about how to treat digital assets in future legal cases, the report noted.

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