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There has been a ton of reports on China and what seems like a change of heart in regards to blockchain technology. The Chinese government is now embracing blockchain technology and have even gone so far as to declare that any article or message that tries to say blockchain technology is a scam will be banned.
If ever there was a need to read between the lines of the press and notice what ISN’T being said, this is certainly one of those times. Especially if you’re one of those people who think China will be the one who directly escorts Bitcoin into its next bull run.
Let’s begin with remembering that for over 5 years, China has slowly but surely banned its citizens from being exposed to several different facets of cryptocurrency, beginning with cryptocurrency exchanges and moving on to the mining sector as well.
It seems like there is a case of amnesia running rampant through the crypto community at the moment in the form of showering praises for the PBoC, crediting them with the recent price increase of Bitcoin and most other cryptocurrencies as well, to the point where people were finally letting themselves hope for the actual return of the much loved “alt season”. Of course in reality as is always the case, there are multiple factors that come into play regarding dramatic price movements in this space. This past week for example the CME Bitcoin futures expired as well, which consistently plays a decent role in price movements.
But let’s get back to the moves that China is making and in the meantime, I want you to consider what these moves mean in light of their past behavior, because let’s not be foolish enough to think that it’s not all at the very least, a bit connected.
China first set the stage by banning its citizens from trading cryptocurrencies and participating in ICOs, quite possibly combined with the censoring of news articles that speak about the positives of blockchain technology and most definitely censoring the positives of Bitcoin.
And that right there is the detail that I think everyone should be aware of.
The difference between blockchain tech and Bitcoin. It’s a discrepancy that most governments and big banks like to make, that they can see the value in blockchain technology, but not the value in Bitcoin.
Blockchain technology is a tool with a lot of potential depending on how it is implemented. It can certainly be disruptive if done right. For example, that technology applied to the financial sector and the creation of money holds a ton of disruptive power, lucky for us, that implementation has been going strong for the past ten years and continues to be a lifesaver for those eager to have a plan B, I mean, plan Bitcoin. And as I’ve pointed out time and again on this channel, those who have thrived for so long based on the control they have are the same who will be on the brunt end of the disruption and we know they aren’t happy about it. China now approves of blockchain tech, and unsurprisingly, they still do not approve of Bitcoin. Which is fine by the way, Bitcoin works quite well with or without the stamp of approval by any government which is exactly what makes it that lifesaver for those who are desperate to regain their autonomy and control over their money.
The trend is apparent now that everything is going digital and that includes currencies. Those who are issuing them now, like Libra, like JP Morgan, and other countries even, are doing so on their own terms, with their own limitations and what I believe will only be more of the same centralized control at the expense of whoever uses them. The beauty of the reality now is that finally they have legit competition, legit currency competition. Now they’re trying to stay relevant with their old and outdated control and power plays in a world where the market not only has access to autonomy and freedom, it favors them.
'They' who ban, secretly HODL
Sounds good
Great video
Blockchain good, bitcoin bad.
Kissess.. You can donate xrp at rNnXCRtzrXgT5d7piFcbw3kV4sTYJJ7PVp 🙂
It's interesting because when China announced the ban in September 2017, the price dipped but it recovered after that. I see this as positive. Maybe China will legalize Bitcoin sometime in the future. They have the biggest mining industries there too.
the chinese are desperate!!
XRP behind the red curtain!
Very intelligent comments. I was surprised at the Market's reaction though I could see this helping altcoin project some of which work directly with parts of the Chinese government.
I called the bottom on the 23rd again as usual, then of course it traded sideways until the 25th. I knew the bottom was in, not sure about China or anyone else. The resulting pump was the only thing else that could have happened, so it came as no surprise to me. All I can tell you is that since I saw the bottom coming a good week in advance, then rest assured it was not China's doing…
China is working on its own national block chain . It will push btc out.
China is definitely going to create a tokenized Renmibi. The US will allow Libra to proceed to keep apace. We have to understand that China is trying to kick out US dollar as world reserve so they will try to convince as many countries to use their digital coin showcasing its superior capabilities. So the trade war will turn to a currency reserve war as US will also push Libra or its USD token.
My prediction is that in the end, every country will tokenize their currency but they will just decide not to use any countries currency as a reserve, neither USD or CNY. Instead the world will use Bitcoin, since no country controls it.
FYI China will be happy with this situation.
Well explained girl! Lets watch the party get started. US is numb, still uptight! but not silly – they will loosen up, trust me they will!. When old ways of currency are disrupted we BTC holders stand to benefit! God! What a great time to be alive? – Long live bitcoin!!!
So far Justin Sun disliked this video ? Expect CZ next
russia and china for sure will lunch a digital coin.bitcoin shows freedom against central banks and financials.but we are not trap in the exchanges fees and miners?
The China hassle is back? Go go go guys, buy their shitcoins. From Tron to BNB and Vechain. I'd rather throw my money in the toilet. At least people won't get rich with my money 🙂
Bitcoin is the catalyst for digital change they just want to stay relevant, most are awake to there games.
I'm here from cytpo panic. Nice to hear a female voice in the space.
China is the most oppressive government on the planet. If China's government does ANYTHING, it will be because they see it as giving them more control and POWER. Concerns about what individual human beings want is NON EXISTENT.
didn't facebook ban blockchain ads a period of time,? and as we know they were hard working on blockchain tech. Decentralized wins.
If it doesn't involve enslavement…it's not Chinese! No financial institution or Govmt anywhere will promote anything they can't control.