Big governments crush Bitcoin
By Panos Mourdoukoutas
Big governments are trying to "prevent" Bitcoin and other crypnoplans. And they crush them.
Few days after the announcement that initial ICO bids "seriously disrupt the economic and financial order," the Chinese government has banned funding for ICOs.
This was undoubtedly bad news for cryptosancies, which are "crushed" on all continents, with Bitcoin losing almost 10%, Ethereum 21.74%, Litecoin 24.92% and BitConnect 32.10%.
The dramatic move by the Chinese government against digital coins comes two months after the decision of the SEC that predicts that IPOs of cryptography or ICOs are investments and should therefore be subject to the same rules as shares .
The Chinese and American governments are not alone. Last week, the Russian government launched a criminal investigation involving Bitcoins, while the Venezuelan government is imprisoning the miners Bitcoin.
Surprisingly, these actions are moving in the direction of protecting citizens from market manipulation. But in fact, if you look at the issue more carefully, they try to kill any currency that government monopolies could threaten to print money and make a profit from money as mentioned in a previous article.
This is why digital currency investors should be wary of the big governments.
Of course, killing cryptobodies is also about the "death" of technology, and that is not going to be easy. In fact, governmental actions such as those of the Chinese and American governments that restrict or ban ICOs operate boosters for Bitcoin and other widespread digital currencies in the long run.
For several reasons. As by helping the market get rid of bad economic factors and poor quality projects. "Digital assets are not illegal, raising money through an ICO model is illegal in China," says Stelian Balta, founder of HyperChain Capital. "It can be a positive sign for market development. Many poor economic and low-quality projects have emerged recently, bringing millions together."
Meanwhile, a ban on ICOs will limit the overall supply of new currencies.
That's why I will not be surprised to see a sharp recovery of Bitcoin and other widespread crypticisms.
Nice info
thanks brother
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