How will it effect cryptos' prices?

I have received many questions related to recently closed down exchanges in China.

The most common question is. How will it effect cryptos' prices?

Before answer the question. Let's pretend that we are Chineses living in China.

First, we don't trust the government. So, we have to allocate our assets elsewhere, offshore.

We are holding two passports, just in case.

Since we don't trust the government. The less money we have in the bank, the better.

We could buy gold. But we can't store it in our house, too many thieves around.

So there is only one option, cryptos:

1. The government can't see my wallet.
2. Thieves wouldn't know
3. I can allocate my assets anywhere in the world in seconds.

So my answer is, closed down exchanges in China will only have a positive effect on cryptos' price.
(Although by saying that, we might see some negative effects in the short term.)

Good luck guys