Is is generally accepted that this is one of the reasons BTC is dropping in value to USD yesterday and today? IF so, why? because there is no longer a large demand for it?
If so, what happens if the US bans it? Could we expect it to drop more?
If so, what happens if the US bans it? Could we expect it to drop more?
Despite the doom and gloom headlines, China did not ban Bitcoin. It simply categorized it as a "commodity" not currency (similar to precious metals). Individuals are still free to hold and trade Bitcoin.
Of course, negative state intervention will temporary drive the price down.
So what you're saying is it's totally ok that China can't use BTC as a currency because it's only a commodity anyway? I actually agree, that's just not what everyone was saying as Baidu and others were signing on. Now that they've dumped BTC, it's a different story.
Oh?! Baidu accepting 1.5 BTC for preorders on a single cell phone drove this market here? Wow, never thought that 1.5 btc could have such an effect, I had better sell all now while there is still hope!