I know a lot of you are freaked out by the potential China Banning Cryptos but to me this is actually a very positive news. Here's my take on why China banning cryptos is great news for the Crypto world.
Just think in terms of when something is illegal what it does to the price and demand? The answer is not only will demand skyrocket but the ban will also drive the price higher than it is. You can see the same phenomenon in drugs or anything that is illegal typically does not make people stop from buying it but rather they'll have to find black markets as an alternative.
In the case of cryptos, the Chinese will just have to go purchase cryptos
via VPN or other foreign cryptos exchanges to purchase their coins. The Chinese might have to pay a premium but the gains you can make with cyrptos will keep the Chinese investor in the game no matter what.
True, I don't China can't stop bitcoin. As you can see the price of a bitcoin is already increasing. This mean people don't give a shit about the post of China. Peopel trust in the cryptocurrency future.
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I think China ('s government) places itself in a very awkward position if truly any type of cryptocurrency exchange (involving Bitcoin) is ruled out. They would essentially condemn themselves to a North Korea among digital economies. Somehow, I find that hard to believe.
But if China indeed intends to rule out any official exchange of Bitcoin, I expect a Bitcoin seller on every Chinese street corner.
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china will getback on the bandwagon eventually once they have full regulatory standards and code of ethics etc. They have a lot of money invested in FIAT currency and don't want anything threatening that investment base. They know full well that crypto can dilute a lot of potential investment in real world assets. Example: a citizen decides to throw 500 dollars at a blockchain startup instead of spending it locally...
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This post has received a 1.56 % upvote from @drotto thanks to: @banjo.
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