Home Finance China Bans Bitcoin (Again) – Should Bitcoin investors worry?

China Bans Bitcoin (Again) – Should Bitcoin investors worry?

Bitcoin Trading

After a rough start to the week highlighted with the Evergrande affair and the anticipation of Fed’s announcements regarding monetary policy in the next few weeks and months, Bitcoin was on its upward trajectory. The $45K mark was surpassed. It’s important to mention that the commotion surrounding these two events had rapidly disappeared. Jerome Powell had received the message from the markets, and the Fed had declared that it would be keeping its monetary policy in place for the moment. Tapering is in the works, however, there is no date yet given. The Fed is reacting positively to market conditions and is allowing itself some time.

China prohibits Bitcoin yet again, just as the value of Bitcoin was gaining. As is the norm with this Bitcoin world, it’s during these times that some prefer to spread FUD (Fear Uncertainty, Fear, as well as Doubt). Again this time, the FUD was brought by China that has banned Bitcoin yet again. You believed that Bitcoin was already outlawed by China at the time of May 2021 but it was also banned in 2018 and also in 2017… However, China continues to prohibit Bitcoin. It’s a simple fact that China continues to ban the same thing again and again.

Many people get to the extreme of saying that China’s central bank has declared it was not legal. In reality, we don’t notice much difference from the May 2021 announcements in which having Bitcoin was declared illegal and mining Bitcoin.

There has been an immense migration from Bitcoin out of China towards the West which has led to Bitcoin’s ESG score increase significantly. In fact, more than 50percent of energy used by Bitcoin’s Bitcoin network is now derived from renewable energy sources (56 percent in accordance with the Bitcoin Mining Council). This is an excellent thing for Bitcoin over the long haul. The new restriction on betting Tether, Bitcoin, or any other cryptocurrency that were announced by China has resulted in a decrease in its value to under the $41k mark ($40.8K).

There are people who continue to be anxious about this issue and do not appear to have learned the lessons from the recent past. The people who panicked and sold their Bitcoin after the announcement of a new Chinese restriction on Bitcoin appear to be having a difficult time taking the lessons learned from the past. But, the past is quite recent.

China is fighting against Bitcoin that represents values that are at odds with what that the Chinese Communist Party stands for. Bitcoin is an emblem of liberty. It’s the exact opposite of what the Chinese communist party is about. It shouldn’t come as a shock to anyone that the central bank of China has stated that it regards Bitcoin or cryptocurrency transactions as illegal. Central banks do not have any interest in approving products that aren’t their products.

On the other hand, you’ll observe that, whenever it is possible, e-RMB will be supported by authorities like the PBOC (People’s Bank of China). It is believed that the Chinese administration’s CBDC (Central Bank Digital Currency) can be seen as an indication of the progress made by the institution. But not Bitcoin which is actually the most significant advancement for all of humanity. Even if it’s illegal and prohibited, Bitcoin will continue to be employed in China.

Second, you are aware that human nature works. When you prohibit a person from performing something, it can cause him to want to do it more. This is especially true for the Chinese people, who struggle to keep them from making use of Bitcoin and other cryptocurrencies. However, the reverse is true. The new ban is likely to boost their interest in Bitcoin In the opinion of many experts.

This news is therefore an unimportant event. It could have led to a drop in the value of Bitcoin that will permit people to make money from it once more. The pattern remains the same each time. If you’re tired of buying the dip you don’t know Bitcoin is sufficient. You can take a step back and then believe in the Bitcoin revolution. Don’t be scared. Increase your BTC and sit in a waiting posture. The potential for the future of Bitcoin is amazing. Don’t be a skeptic and then sell your BTC at a loss because an institution like a central bank appears and declares that it doesn’t accept Bitcoin transactions as being legal.

Bitcoin is on the way to disrupt this corrupt and opaque financial and monetary system. It’ll take time however, you can be secure. Bitcoin doesn’t need China. It will continue to progress in its revolutionary journey. If you are a believer that Bitcoin will be the next big thing, the Bitcoin revolution and you believe it will succeed, then you’ll be among those who gain the most from it over the years and months to follow. It’s all up to you, just like it always has been.

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