Bitcoin rebounded on the news...
"The issue of shutting down (cryptocurrency) exchanges, told by the justice minister yesterday, is a proposal by the justice ministry and it needs consultations among ministries," Kim said. Ministers reportedly seek a "soft-landing" considering the shock the measures may have on the market is an issue that can result in huge social, economic damage. Additionally Yonhap notes that even if pursued, shutdown of exchanges would take some time as it needs discussion at parliament (it would take months or even years for a bill to become a law).
Oh...you mean...people don't want excessive regulation and to be told what they can and cannot do with their money? Color me shocked.
The good news...crypto is embedded in society. I was watching Bloomberg TV over about an hour period while I was exercising and 3 cryptocurrency-related stories came up during that period.
It's here to stay...and if one country bans it (or tries)...even one as powerful as the U.S...
It will bounce back. In a big way. As people find new ways to continue to use it and leverage the technology, it will grow back and become twice as strong with every cut.
Don't believe the news. Buy it instead.
Invest in what you believe is undervalued. People think cryptocurrency is undervalued...but considering all cryptocurrencies trade relative to each other...you really just need to figure out what cryptocurrencies are worth the most to you to hold and invest in.
If you see none you want, trade to cash...until the next big crash. Bitcoin won't stay above $10,000 forever...but I also don't believe it will stay below $100,000 forever.
The countries...and people...that embrace cryptocurrency will do the best in
The New Economy.