There is a growing feeling that although many governments may not openly support it, the original cryptocurrency 'Bitcoin' is here to stay and many would say it has even become too big to fail.

In a recent article entitled 'China's 'Bitcoin Ban' No Match For Stateless Cryptocurrency Market' published by Forbes online had a few interesting points to make on this topic.

It's official, blockchain technology has beat one of the biggest authorities on earth. The decentralized nature of what has become the backbone of the cryptocurrency craze has proven its mettle. Bitcoin, and a host of other highly speculative digital currencies live another day.

I suppose this statement is making a point about how the China 'ban' actually affected the overall market value of Bitcoin crashing a bit only to surge after recent news that NASDAQ Stockholm would offer two cryptocurrency products, one directly associated to Bitcoin and the other associated with Ethereum (another popular cryptocurrency).

China's regulations might have stopped a few start-ups for raising funds, but the general consensus is that this is temporary.

"The ethos behind blockchain has been tested," says Ken Sangha, COO of Open Money and the Open Project in San Francisco. "A central, organized and powerful authority -- China -- said 'no' and we all have been tested worldwide because of it. But the system flexed its muscles. It's doing what it was supposed to do."

Clearly if one of the largest superpowers in the world can only do as much as to slow Bitcoin down, my last point has already been somewhat validated.

China's main point seemed to be that ICOs need to be regulated and managed to protect investors. This is a point that in principle I strongly agree with and I firmly believe this will result in a much healthier cryptocurrency market when looking at it from a long term perspective.

"China is a main source of crypto investing and the bans just mean that that capital will go to projects based elsewhere because the local ICO platforms will not be able to attract new start-ups," says Scott Freeman, CEO of C2CX. "For China, financing their blockchain companies is just going to happen outside of China. For foreigners looking to tap Chinese money, they will either wait a while or look elsewhere. People are adjusting."

This is a very interesting point. Now that China has become somewhat hostile to ICOs, countries with more favourable regulation will directly benefit as a result.

Techblogger Wrap Up

What are your predictions for Bitcoin and ICO developments in the next few months? Do you think that NASDAQ has plans to roll out an American version of their new products in Stockholm?

Please leave your thoughts and opinions below.

Thanks for reading!

Source:
China's 'Bitcoin Ban' No Match For Stateless Cryptocurrency Market - Forbes