The ICO ban by the People's Bank of China's has induced fears into investors leading to Bitcoin sell offs as investors fear Bitcoin would be the next on the radar of China's regulators.
In this report I will explore the impact of the development on Bitcoin.
What will be the fate of Bitcoin?
This major development did have an instantaneous negative impact on the price of Bitcoin which saw a price crash. However in the long term Bitcoin will only benefit from this development and this is why;
1. China respects Bitcoins. Yes
In my earlier report, I highlighted how in the Chinese government and People's Bank of China did capitalize Bitcoin and also how they even mentioned it before their own national currency. These do prove the Bitcoin has a very important role to the Chinese government and economy.
See the original post here:
... to investors to raise Bitcoin, currency and other so-called "virtual currency" is essentially a non-approved illegal open financing behavior....
2. Bitcoin enjoys monopoly
Yes, by banning all other cryptocurrencies and not Bitcoin, Bitcoin will become the supreme and default cryptocurrency in China which has a population of over 1.3 billion!
Believe it or not this is a huge opportunity for Bitcoin as it is not new to China, China already powers over 60% of all Bitcoin hashing power and this new found Bitcoin monopoly will only entrench Bitcoin further in the nation.
3. Bitcoin is already recovering
Yes, despite falling to $4,000, Bitcoin is already recovering as Bitcoin is used by the world world and not China alone. So even if the Chinese government does ban Bitcoin or all other cryptocurrencies, The world will still use Bitcoin and cryptocurrencies.
4. What should you do?
Buy up some more Bitcoin while the price is still down; end of story. Bitcoin will soon recover and hit another $5,000, $10,000 and more.
See my last post: