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Bitcoin China FUD
Just when I thought we were out...
They pull us back in!
So, China…first they re-iterated previously known restrictions.
China banned banks and payment firms from providing services related to crypto-currency transactions. It also warned investors against speculative crypto trading on Tuesday…more
Nothing new there. But then we got another announcement.
The Chinese Government seems particularly concerned about how Bitcoin could affect the overall stability of their financial system. So for now, it doesn’t look like anything has really changed, but it could.
Breaking: The State Council of China: Crack down on Bitcoin mining and trading, and prevent individual risks transmitted to the social field.
— Wu Blockchain (@WuBlockchain)
2:14 PM • May 21, 2021
Bitcoin Mining could become an area of focus though:
As for cracking down on mining, it may be related to Musk's recent attack on Bitcoin's energy consumption. The Chinese government made a commitment to carbon neutrality to the world last year. Unfortunately, Bitcoin mining was the first to hit.
— Wu Blockchain (@WuBlockchain)
3:05 PM • May 21, 2021
China potentially banning Bitcoin is not necessarily a bad thing. Read this thread by @Nic_Carter , who suggests bigger margins for non-China based miners as a result, who tend to have a “cleaner” energy mix, thus incentivising more mining using renewable energy. This would remove ESG concerns for institutional investors.
just dredging this up re: recent china news. if china bans mining in places like Xinjiang, that's incredibly positive. remember, Bitcoin doesn't "need" a specific level of hashrate. nothing changes if HR falls off
— nic 🌠 carter (@nic__carter)
3:22 PM • May 21, 2021
China has made similarly forecful pronouncements in every single bull market. They are forever saying it is, or will be, banned in one form or another. So far it hasn’t really mattered and it hasn’t ever stopped a bull market.
There are many dimensions to this game though. If China effectively banned Bitcoin, that might incentivise the U.S.A. to become pro-Bitcoin. Not certain, but maybe…
Chinese Government:
#Bitcoin bad!US Government:
The enemy of my enemy is my friend 🤗— Bitcoin Archive (@BTC_Archive)
4:22 PM • May 21, 2021
Here’s a quote from Michael Savage Saylor on CNBC to cheer you up :)“Volatility is the price you pay for #Bitcoin to be 10x outperforming the S&P index over a decade.”
BTW - he just passed 1m followers. Probably @APompliano and @Woonomic are next to pass this mark.
NYDIG is one of the major companies bringing Bitcoin to big-money right across the spectrum. If you want to get an understanding of what’s to come in the next 6-12 months, Ross gives some great insights. IT IS HUGE!
Speaking of Willy Woo, this chart from him shows that Bitcoin is significantly undervalued right now. You don’t get many chances like this in a cycle.
A history of dips below NVT Price. Cheap coins.
— Willy Woo (@woonomic)
10:44 AM • May 21, 2021
Willy also appears of @PeterMcCormack ‘s podcast this week - be sure to check that out.
Oh yeah, since I last sent out an update I passed the 200K follower mark. Then this happened:
…and here we are at 260K followers :)Thank you so much for your support on Twitter and also signing up here.I am very grateful :)If you enjoyed this post, please share it with your friends :)