China, Bitcoin, exchange ban & The perfect storm... 👺
Hello fellow Steemians!
It's a gloomy day once again for us crypto traders... According to Crypto news the ban on crypto exchanges in China is no longer a rumour and will happen.
As we can all imagine this will greatly affect the valuation of the Bitcoin and is a damaging blow not just to the crypto market but also the idea of finally being fully in control of your own earnings and funds.
In my personal opinion I believe this to be another move to curb the independence and freedom of the population rather than curbing money laundering. The problem that governments see in the crypto market is the removing of the supreme power that they hold over the money consequently the lives of the populace. Crypto means countries couldn't simply print more money or reduce the supply as they see fit, reducing the power they hold over the "common folk".
Over the past weeks we have seen our beloved Bitcoin smash all expectations and peak at $5000+, I think this was a major wake up call for banks and world governments as they saw how loved by the "little guy" the Bitcoin and the ideology behind it is!
Alarm bells went off and I see a semi-coordinated attack on the Bitcoin (beginning to sound like a conspiracy theorist 😱). Left, right and center we have seen banks, investment companies and governments bash the crypto market calling it everything from a scam to a bubble to a money laundering scheme. Dodgy orders being placed on all the major exchanges and now China is banning crypto exchanges. Last but not least the media hype is building (as if it wasn't high enough)... Manipulation at it's finest! The old nip it in the bud while the market cap is still relatively small.
I do realize the gains over the past months warrant some correction/consolidation but all this 💩 slinging comes at an ideal time to try to topple the currency. It seems to me that this "perfect storm" is all too perfect. Maybe my analysis of the whole to-do is bias, after all I love Bitcoin, all things related to crypto-currency and the blockchain technology. What do you think about the whole ordeal?
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STOPIf you can not trade in China, just trade overseas. As a whole it seems that there will be little effect.
And, perhaps the Chinese government will led the way for encryption currency, ICO will continue to distribute in China.