🚩 Important Crypto News! 📋

You need to read this, you really do: https://www.newsbtc.com/2018/10/26/china-hasnt-banned-bitcoin-shenzhen-court-permits-crypto-transactions/

It's not too long, so it won't take too much of your precious time. I found it very interesting.

What does it say?

In a landmark court decision, the status of Bitcoin received very significant classification:

Source: https://twitter.com/cnledger

That's the important part. There is more to it (like I said, read the article), but for me the fact that BTC may be held and traded in China is very significant to the future of BTC in China. Actually, it's very significant to crypto in the world in general. Crypto does not need China in the long-term, but having the Chinese able to boost crypto adoption will certainly help a massive amount in the medium-term!

Of course there is a catch: the major catch I see here is that this ruling was for Shenzhen, one of those semi-autonomous regions with its own special laws. What's good for Shenzhen is not necessarily what's good for the rest of China i.e. this is not a nationwide blanket ruling.

BUT Every journey begins with a single step, and where there is smoke there is fire. And fire spreads! 🔥🔥🔥

China famously blows hot and cold wrt crypto. Its latest anti-crypto phase started just over a year ago. Perhaps it is time for Chinese crypto attitude to swing the other way again. The fact is (as the article says) the Chinese crypto "bans" have not been very successful. People continue to trade it by whatever means they can (normally over-the-counter exchanges are mentioned). So the ban is not stopping trading, what is it doing? It's getting China left behind economically, that's what.

While most people have yet to embrace this fact, crypto is the future!

The future of economies, finance, logistics, money, stocks, you name it. China is famous for its rapid economic growth as a massive emerging economy. It is seeking to become the leading global superpower, and it's well on its way to doing so. For China to ignore and fail to embrace cryptocurrencies makes no sense at all! In addition to that, president Xi Jinping seems to be progressive in outlook and a very capable leader. It is hard to imagine a scenario in which he won't foster the adoption of crypto. (So hold that NEO guys!)

The tweet above uses the following page as its source: https://mp.weixin.qq.com/s/U_qDgQN9hceLBbpQ13eEdQ It's in Chinese, but thanks to the magic of Google Translate I turned enough of it into English to verify that it is what cnLedger says it is. It's a long article, especially when you are cutting and pasting it bit by bit into Google Translate, so I am not going to share any more of it here. But it's there and you can verify it yourself any time that you'd like to.

Conclusion

I don't expect any immediate market reaction from this news, it just gets added to the enormous stack of fundamental reasons why crypto is ready to rise at any time. Perhaps the bouncing around of the US stock market will trigger that rise, or perhaps it will just build up gradually as it seems to be doing already (some alts, not BTC. Yet).

It's not really about what the article says, it's what it implies: the return of the Chinese market. For those who only joined the crypto world in the last year or so; this means the addition of 1.4 Billion crypto mad people in a large economy. It should also result in a knock-on effect in other countries around the world, especially in major economies that don't wish to be left behind. If only more countries were forward thinking then they would already be following in the footsteps of places like Malta and benefiting from crypto instead of trying to deny/fight/belittle/discredit it.

Whatever happens, please see things in perspective. Don't get caught up in hype or in negative sentiment. Just position yourself to profit from the market in the long-term.

Yours in Chinese crypto,
Bit Brain

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by Bit Brain

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