Who isn't aware of the recent Bitcoin crash which was triggered by FUDs [Fear Uncertainty and Doubts] in China ? We all do. But, did China actually wanted to ban Bitcoin or Bitcoin exchanges ? Or was it a political move to gain the votes at 19th National Congress of Communist Party of China [CPC] ? Here's a curious case of China bans.
What is National Congress of Communist Party of China ?
In a nutshell it's a congress or a meeting which happens once in 5 years in which attendees are required to elect candidates to senior party positions, consider the general secretary's report, and decide on amendments to the CCP's constitution. This week was the 19th Congress which happened in China. You can read in detail here.
Let's go back 5 years.
What happened before China's 18th Congress in 2012 ?
Months before the 18th Congress, China amended their co-corporate structure Variable Interest Entity (VIE). Under this Chinese companies were allowed to list their shares in US exchanges through “reverse mergers”. This strategy then made similar FUDs in Chinese markets and as a result the stocks of the internet companies, crashed.
What happened after China's 18th Congress ?
New regulations were put into place and the stocks market flourished like ever again. Most of the companies back then are now giants, Tencent, Baidu, Alibaba to name a few.
Fast forward 5 years and we saw China taking similar actions against Bitcoin and other alts. We saw Bitcoin crashing upto $3200. The whole market had crashed within few days. It was a massacre.
Phew !
And guess what, this show was strategically put up just before The 19th National Congress of Communist Party of China.
Motive ? To gain political advantage.
What will happen after The 19th Congress ?
Once Xi Jimpi is elected again as the president of China, he will reign on China of the next 5 years. Yes, the next 5 years. We will see regulations when it comes to ICOs and exchanges, we will see more confidence shown by Chinese investors, more money flowing into the market from China which all boils to one and only only one thing, Bitcoin going to moon and beyond. We are already seeing Bitocin roaring at sub $5200 levels.
$10,000 is just the first stop.
What it means to other alt coins?
Not only will Bitcoins but majority of the Chinese alt coins like Neo, Waltonchain, Qtum, Adex etc will see a significant movements which Chineese investors pumping their money into them.
Interesting perspective. We'll see how it goes.
All eyes on Bitcoin and China. Followed you !
Interesting perspective. Eyes opening. Big Thanks
Thanks sir. Read your intro on steemit. So energetic. Love it.
Followed you, pl. follow back.
Its hard to say how high the price of Bitcoin will go. With so many alt-coins I still don't fully understand why Bitcoin's price far out exceed everyone else. I guess it is a matter of trust. Bitcoin has become a bit of a commodity such as gold. Not very practical to pay around for daily stuff, but high value for sure.
Very aptly put. Bitcoin has certainly become a commodity no one wants to sell Bitcoin they only want to HODL
hello, @indcrypto
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One golden rule about crypto is, no matter what happens, HODL! Fckn HODL! If its a good project, just HODL!
99% people FOMO and panic sell when prices dip, and panic buy when the prices go up....
True that man.
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I can feel you @andrewgenaille. There's no match to BTC.
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STOPExcellent article. The possibility of the Chinese government adopting NEO as their nation coin is also not out of the question. Do you have any research into this topic?
Yes. There is a way China works I am going to Steem about it soon. Thanks :)
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