Bitcoin again flirted with the figure $5500. I was really amazed at it as China had recently made a statement that they are looking to stop all kind of mining activities in the nation. To me, it was heartbreaking. This type of statement at this stage where Cryptocurrencies are fighting hard to survive and maintain their hipe, news like this is very depressive.
Two days earlier when I read this news, the very first thing hit my mind was the upcoming crash in the value of Bitcoin. A negative statement and that too coming from China could be a setback to the struggle that Bitcoin is going through. I was very sure that soon Bitcoin will be dancing below $4000. As it is the nature of this coin that it never stops surprising us and soon we saw it flirting with the figure $5500. Amazing!
I am keen to know the factors behind this jump. It cannot be a coincidence and if it is then it gives room for something fishy.
Is it about a group of people those injected in money to eliminate the negative sentiment spread by the Chinese Govt?
Why did China make such a statement at this time?
Is Bitcoin beyond the control of Governments already?
I am trying to find my answers to these questions. Whenever Governments make such announcements, it is because of two reasons. 1. They are scared of that technology. 2. People in the Government want to take benefit from the price fall by spreading negative sentiment. Based on history, there is every possibility of point 2.
If it is about the second scenario then Institutional investors have performed a brilliant counter-attack on Chinese Govt. Those who trust in the future of Blockchain and cryptocurrency will keep countering such attempts by Governments.
Disclaimer: Above mentioned details are based on my own research and opinion, I do not encourage anybody to make their decisions based on this post. Every individual should do their own research before investing in any cryptocurrency or public sale.
Bitcoin's decentralization is something very controversial. however, Bitcoin is designed to be decentralized. Considering most of the hash power is being controlled by 5 major companies, most of which are Chinese.
It would be interesting to see if China pulls down the lever how much more decentralized it will become. This raises a question, Is this really a piece of bad news? or a possibility for bitcoin to do miracles again? GO CHINA GO....
Interesante
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China has been attempting to remove crypto from its country from some time now ,this move was expected really and truely shows to the extent of influence crypto is having oppressive governments all over the world are feeling threaten when financial freedom begins to flow through its once closed doors, just goes to show how crypto needs to continue become more versatile to over come any threat , personally i dont think china will stop mining bitcoin entirely regaurdless because their government will want to profit off it .