Post
Topic
Board Speculation
Re: Bitcoin is de-facto new asset class and Brexit confirmed it
by
MatTheCat
on 26/06/2016, 09:57:06 UTC
Cause they want to kill the golden goose  Roll Eyes  


If Bitcoin ever becomes a widley used tool, for undermining PBOC capital controls, then yeah.......Bitcoin might well be a Golden Goose to a handful of Chinese Bitcoin Cowboys, but on the bigger picture, it's nothing.

If there is a big panic in the condfidence of the Chinese Yuan, and too many of the peasantry flood into Bitcoin, in order to get exposure to the USD, then this will be great for the Bitcoin price.....until the PBOC say, "From this day onwards, Bitcoin is outlawed. Illegal to mine it, illegal to transact with it, illegal to own it." 70% of the BTC mining capacity is shutdown overnight as a huge volume of BTC simulatnaeously hits the market.

I don't know if this ever will happen, but the fact that it could happen, renders Bitcoin 'anything but', a safe haven asset, like owning physical gold.