Capital controls in China will have a significant impact on Bitcoin's prices because of the considerable bailouts in China, and capital controls will limit their operations, making Bitcoin prices move more slowly and possibly down. Instead of going up. I think China is trying to enact new laws to remove Crypto from its home country.
I really wonder if you guys think that China is the only country where bitcoin is traded, but indeed you are not informed that the highest traded currency against bitcoin is JPY.
I feel we give too much importance to China and indeed let that affect our mindset that every little thing from there is always going to affect the market, just the way some people attributed the end of the Chinese new year to having a positive impact on the market.
This is a global market and China cannot stall the growth of bitcoin, no matter the action they decide to take against it or the policies they decide to come up with.
Most of that are already moving out of China. If I am a business man in China who has invested so much in the area of cryptocurrency, you really think I will let my country affect the way I do my business. Why do you think the likes of bitmain are looking for cryptocurrency friendly environment to set up their space ?
As far as I am concerned, they would be the ones losing out in the long run with their bullshit control measures, and the smart citizens are always going to end up finding a way for themselves.