As what the title says, do we really need to depend on China on cryptocurrency? I say no imho.... Look at Facebook and Google. They are both banned in China, and yet they worth billions. I believe that the US alone could bring bitcoins up and hit $5k above.
Also, I agree with this:
https://cointelegraph.com/news/bitcoin-price-is-headed-to-25000-despite-recent-setbacks-researcher-on-cnbcI just think that this is a great time for us to buy more bitcoins and accumulate. I'm still long on Bitcoins.
What do you guys think ? Any opinions are appreciated.
Definitely not. Bitcoin, in the first place, is not created to be monopolized by one country and it is not created for the sole use of China. Honestly, I'm relieved that they banned (regulated) it in their country. Our community doesn't need a country that's always on the move hoping to centralize the distribution of it. Bitcoin will move forward with or without China. There will be some cons about it but the pros heavily outweigh them.
Like you, I'm still long when it comes to price of BTC. The dip that we experienced last weekend is just, in my own opinion, a correction that is badly needed by BTC so that we can navigate the $5k area and beyond.
of course, the Chinese very much broke the firewood and this fall many afloat. But the fact is that this is the only opportunity for today to buy Bitcoin at a fairly low price which went down to $ 2900