The China Ban is good for Bitcoin?
Could the ban actually be good for bitcoin?!
I just read an article stating that the bitcoin ban imposed by China is actually good for it... I am not sure I agree.
The article can be seen here btw:
The basic premise is that bitcoin can't really be banned and china banned other technology companies that ended up doing well regardless.
Bitcoin is very different though.
Bitcoin challenges a countries ability to have their own government issued currency.
No government is going to be welcoming to that, at least not one that has their own currency.
El Salvador used the dollar, so it wasn't a loss for them to adopt bitcoin.
The second point, that bitcoin can't be banned, has been thrown around for years now but it's not exactly accurate in my opinion.
While the technology can't be banned, they can put enough restrictions on it to push it so far underground that has very little value and is only used by a small number of people.
If that were to happen, I'd call the ban successful.
The hope is that bitcoin can be integrated in places like the US with fair and reasonable regulations that allow the technology to flourish without upending governments.
Hopefully the US sees that and takes a responsible approach going forward, thus far they have been fairly hostile towards it.