What a couple of weeks it has been. Let's take a look at what has happened, for those who are confused or have not been paying attention.
- It all started with China saying they were going to ban ICO´s
- China bans ICO´s
- Chinese news article claims government will shut down local exchanges
- JPMorgan James demon declares Bitcoin a fraud and everyone buying it is "stupid" (his words)
- China announce they will halt all Bitcoin trading on exchanges from 30th og September.
The markets went into panic-mode. After the ICO-ban the market recovered pretty fast, and we were looking at new ATH's within days. The market realized that some regulation on a market where 80% of the ICO's are pure scam probably wouldn't be such a bad thing.
Then it went downhill up until toady with the news that they are going to shut down all Crypto Currency trading in China. The market panicked.
But as the facts and voices of rationality emerges, the market calms downs. Let's take a look at some rational viewpoints.
Implementing some regulations in the form of exchange-licensing etc like most other countries is not a bad thing.
James Demon is wrong, and idiot and a douche, and his viewpoint is clouded by his role as a well..bankster frauder.
China is about 16% of the Bitcoin market. We can do without China. But that won't even happen. What we've seen now is Chinese pulling out their Bitcoin from exchanges. The rest of the world is probably mostly hodling.
In total it's a very small market, even in China. It's not like your average taxi driver in Bejing is trading Bitcoin.
Chinese miners wouldn't stop mining. They will just shut down for 24 hours and tell the government they've done it. Then re-open and mine like there's no tomorrow. I bet even local powerplants are mining Bitcoin in China.
Around September 30th I wouldn't be surprised if China announces that they have implemented some regulations and will therefore allow exchanges to operate as normal.
I suspect it will continue to drop the coming day. Who knows how low.
The issue here is that a lot of people are invested in Bitcoin without the proper knowledge of what Bitcoin is and is not. Bitcoin can't be banned or destroyed. The only thing the powers that be can do is to try and scare us away from it. Statements like "It's a fraud", coming from a man who represent the biggest fraud in history.
Now, until all the people who do not understand Bitcoin are washed out of the market, we will continue to see it dropping. Or unless we get some very positive and clarifying news. However, at this moment, I doubt that will happen. It seems like they are hell bent on driving this thing down. But for everyone who understands, or at least understand the very fundamentals of Crypto Currencies and The BlockChain, this is nothing but a buying opportunity.
Should I consider this a buying opportunity?
I definitely am. I bought more Bitcoin at 3500. And will buy again at 2500. Then again at 1500. I bought some Steem and powered up, and I loaded up quite a lot of Litecoins (unfortunately at 60+ dollars, and a few at 45$) and a few ETH´s.
I won't give any advice on when and what to buy, but I would strongly advice to hodl what you all ready have.
Stay strong! Good luck.
