Which crypto whale will be willing to burn his or her crypto to serve as a philanthropist to the ongoing bear market?? At the moment none is going to do that, they just want to holdl to their investment until things start pumping up. I know with time it will, the storm will soon be over around all Cryptocurrencies in the market.
Their digital Yuan will still be a success cos of the population it carries. For me even if digital Yuan us affordable at 1 cent, I can't fancy my chance of acquiring any digital Yuan cos it won't be valuable yo me since its in the form of Fiat currency that isn't volatile. China will definitely lose in this kind decision they took when they see other countries embracing crypto, and the mining power increasing.
This is just a soft landing for Bitcoin....I think Bitcoin has shown that it can never be pushed away. Like its destined to exist in the first place. If Bukele succeeded in adopting Bitcoin and uses it as legal tender, it will further boost it's popularity while at the same skyrocket it's price. I think China will have enough competitions in their hands to deal with, with their intentions of introduce their Yuan digital currency.
Only them knows the reason why they aren't futuristic around the benefits surrounding Cryptocurrency. They've lost their position as the number one crypto mining country with large mining farm. The revenues they get from diverse means around crypto is gone too. They've sold their position being number to U.S, cos there is where miners are heading to establish.
If the problem becomes economic means if China unban cryptocurrency then the cryptocurrency means Chia network that is issued by governement to increase his earning will fall down again this will affect bad economy of governement that will make ban of altcoins permanent because if they unban other cryptocurrency means loses to governement this is why it is a real big problem.
I don't think such ban will last forever it might over be a way to cause the coins to drop down in price. When it comes to crypto you should know externals are also behind the regulations. That's why i don't go sleepless nights, cos their will be solution to it in the near future I'm optimistic, the Chinese aren't going to ban it forever, it's simply temporary.
N matter how good you think you are, don't forget that others can still replace you when you aren't there and the world will continue moving forward. That's the cade of China, they might have succeeded in cracking the market to take its toll but nonetheless, the crypto transition won't end cos of their selfish interest. Other countries have taken over mining, and sidelined them for life.
Everything is possible around BTC as long as it keeps on delivering fast transactions and accomplishing its primary goal. I read the news on cointelegraph, i was very moved cos the crypto miner really demonstrated signs that BTC will ever remain valuable irrespective of the ongoing bearish run. As long as the U.S and U.K is behind it, it can never crack down to zero.
