China's attempt to kill Bitcoin failed — Here are 3 reasons why

data.plus (54)in DLIKE • 5 years ago (edited)

Our synopsis and comments:

Given China's ambition to foist its own national currency as the primary reserve currency in the future, there is every reason why China would want to kill off Bitcoin, which could in the long stand in the way of China's ambitions.

China must be reeling under a lot of disappointment for not having achieved its goal of killing Bitcoin. This will also serve as a timely reminders to other nations that any attempt to replicate China's actions is bound to fail again.

The global influence of the U.S is already on the decline. The gradual shift to green energy would eventually greatly reduce the use of fossil fuels which will in turn reduce the use of U.S dollar for purchasing crude oil in the global market. If Bitcoin gains widespread acceptance in global trade, then it would put a further dent on the U.S dollar. The shift to green energy is a given but Bitcoin gaining widespread acceptance is not a given yet. So anyone planning to overtake the U.S dollar as the primary reserve currency, would certainly find Bitcoin a potential challenger and a major challenge.

The shared article from Cointelegraph give three (3) pieces of evidence to back up its claim why though China tried, it failed to kill Bitcoin: The three reasons are: