Post
Topic
Board Economics
Re: What will be the effects of China's central bank declaring all crypto illegal?
by
Rufsilf
on 18/10/2021, 15:20:44 UTC
I don't actually think their laws will get rid of crypto.
A single country can not eliminate bitcoin, see the recent China FUD, bitcoin was down 5% to a price around $41000, but just few days after, the price soar to over $50000. Bitcoin price now at $57000.
yes you are right, one country will not make bitcoin disappear. no matter what their efforts, bitcoin and crypto will survive. so I think they're doing something pointless. even if the country were to withdraw from all things crypto-related, it would only have a temporary effect. and will have no effect in the long term.

Certainly there's no country who can control and take command crypto like bitcoin, even the most powerful country like USA cannot make the industry vanish or dissolve it.
Bitcoin is unstoppable and can survive many negative remarks and especially doesn't depend on China's position about bitcoin. Yes they may create a big impact on markets value but it won't last for long because it's just a short-term effect.

I bet China couldn't even keep track about their citizens using bitcoin or mining btc even if their government keeps on banning bitcoin and other cryptocurrencie or something that is related.