If China bans Bitcoin the Price per BTC will rise - History repeats itself

Everybody is afraid of China closing exchanges and the Bitcoin price plummeting. People talk about it everywhere even here on Steemit. Here is why I think that we shouldn't worry that much. IMO if China closes the exchanges the price of Bitcoin in China will skyrocket in a couple of weeks. Of course, there will be a significant dip. This is the natural panic reaction of the market. But let’s think for a second. What will happen with all the people in China who are willing to buy and sell BTC? They will look for alternative ways. In the scenario of a total trading ban, the black market for Bitcoins would explode, and we all know that Bitcoins are always more expensive on the black market. People will start smuggling vouchers into the country and sell these on the street, and buyers will redeem their tokens on the Internet outside of China. Many Chinese people will start trading on foreign exchanges in Japan or South Korea, and soon the world will forget about China and move on. If you are a long-term investor, you should not worry about it.

If you dig deeper, you will see that history repeats itself. China banned financial institutions from using Bitcoin in 2013. What happened? We had the dip followed by a rise in the price. The only important think is to properly time your buy-in and enjoy the ride.

Stay calm and keep hodling!