In this video, I speak with author and economic analyst John Sneisen to talk about the recent news of the Chinese ICO ban and what this really means for people invested in cryptocurrencies.
While it's the job of the state to suppress freedom and independence as much as humanly possible, the free market always has an answer to their madness.
People once again wrongly assumed that the ICO ban which brought cryptocurrencies down temporarily would be the "end" of cryptocurrencies which is frankly laughable if one understands how cryptocurrencies work in the first place. Not only has this brought more money to the Bitcoin market, but in the long term it won't affect altcoins much either.
We've all seen how over the top the ICOs have been and how risky many have been, but that is not the job of the state to dictate people's personal decisions. But let's not forget, China banned Google and Facebook too. How did that work out for them?
Aside all of this, there are massive Chinese startups happening in the cryptocurrency world and the growth of the community isn't stopping any time soon so people's concerns will be put at ease as time goes on.
Sequoia, IDG are to invest $50 million in China Bitcoin mining giant Bitmain.
We are still in the infancy of this market with incredible potential.
At the 7 year daily average rate of growth, Bitcoin is set to hit $250k by 2020 and that's just a starting point. The future is bright in the centralized world as the central banks come crashing to the ground.
