Bitcoin Forum

Billion？ Trillion？Quadrillion？

Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

China is the most populous country in the world, and if such a country were to accept bitcoin and legalize, irreparable progress would happen with bitcoin, I think it is a figure that cannot be imagined, and even if bitcoin shows well to China, we can guarantee that the whole world would slowly introduce bitcoin and thus spread its popularity. It is a country with rapid economic advancement and new technologies that is enough collateral for the whole world for bitcoin to begin to apply bitcoin.
Of course, not everyone will exchange money for bitcoin right away, but when you look at every 30th inhabitant of China taking bitcoin, it's a big deal again. 1.392.690.000/30=46.423.000

With their contribution to the market, I think the market will grow to trillion.

Actually we almost hit that trillion marketcap during the last bull run but if China legalize and we know they have a big number of miners and therefore its expected that they have a lot of people interested in crypto, there should be a significant growth.

It depends on multiple factors and not just their decision about other cryptocurrencies other than their own. Even though they cancelled their supposed banning on Bitcoin and possibly other crypto, their new soon to release crypto could be a threat to BTC since it may trigger a shift on Chinese market and might abandon Bitcoin and go with their own gold-backed cryptocurrency. So the effects might not be that significant enough.

No certain amount of measurement can do but we're very determined to say that they're a quite big market. Remember the time two years ago when we're not yet hitting the all time high and China has always been blamed whenever the market upsets.

Many have speculated and said that they are manipulating the market. And after their announcement of getting detach to cryptocurrencies, the market still survived and grew.

Who can tell? Many in China still invest and trade thanks to VPN and foreign exchanges. If cryptos get legalized, the market would definitely skyrocket, but there is no way of telling how much it might grow. It would be interesting to see, but it is unlikely to actually happen. If China allows the use of cryptocurrency, it will be the use of its own cryptocurrency.

China is soon to become the most dominant player in the world of cryptocurrency, especially if it will soon successfully launch the cryptocurrency controlled by its own central bank and if it will finally open up the whole country to Bitcoin. I guess there is that potential that current marketcap of Bitcoin will be adding at least 50% growth to the current level it is enjoying, and it can just be the start because Chinese who are not in the mainland China can also be encouraged to be a part of the market, forming a bandwagon effect. However, we are actually just getting advanced here for we do not fully understand the mindset of the leadership of China. Let's wait and hope that something good is coming out from the recent pronouncement of Xi Jinping on the blockchain, that hopefully the same positive view will be rub on Bitcoin as well. Certainly, if China will do this before the halving, there can be a double bull run that can happen. And this will cement the fact that China is the biggest force that ever affected cryptocurrency.

China is one of the biggest economies in the world now and  legalizing cryptocurrencies in there would definitely boos the entire crypto market. We could be doing over a trillion once China announces that, it will also soften the grounds for other blockchain projects to sprung up. This would definitely open up to more organizations and industries investing into the crypto industry.

Crypto to become a trillion dollar market is already a great improvement, and of course that's likely to happen if China will fully embrace crypto and they will legalize it. Most of the rumors in the past that has a big effect on the market are coming from China, remember when China ban crypto, the market bleeded that time so if its a positive news, the opposite would happen.

Also, the reason of the recent surge of BTC was the announcement of china to develop blockchain, so this means people would ride on the hype and this market will eventually grow.

Agree. If they allow crypto there will be their own "China Bitcoin" (CBTC) to trade, I think they will also bring up the market value of others cryptos too.

I think a coin with central bank control will be difficult to achieve success. One of the reasons why cryptocurrencies succeed is that people are free to exchange and remain anonymous . If China intends to issue a currency, perhaps they should issue CNYT to compete with USDT.

I kinda doubt it. The chinese people who actually holds and knows bitcoin(probably just a minority, but yea), would know that bitcoin is far superior than their 'allegedly' gold-backed centralized cryptocurrency, that is made and is most likely just going to be used for improved mass surveillance in the first place.

It sounds like they're being positive about Bitcoin itself which is something I didn't expect.

All the same they don't do anything if it doesn't benefit Chinese power. If they fostered BTC adoption until it started to be identified as a threat to their plans you can bet your peachy buns they'll come down hard on it again.

It's possible they regard it as a factor in undermining the power of USD. It might take many more years but it's a long game regardless of your approach.

They were creating their own blockchain DC/EP, if DC/EP successfully launches..holy moly..I doubt BTC might moon more than $50k

The impact that China would legalise crypto would be significant. The significance would then be on the positive side if they allowed the entire crypto and not just their own crypto backed otherwise, its going to have a negative effect because the moment they have their own crypto backed, it would be supported with all of the state's apparatus which also means going against all perceived competitors among which include the bitcoin and the entire crypto currency that we have come to know currently. The most important effect would then happen when other countries are following the trend that China is following.

We will never know until it comes in front of our faces.
Success can be achieved if they get the interest of many people, mass adoption will come if their creation is enough to satisfy its users.
Their chances of success or to overcome other altcoins in the market even being a centralized coin is still 50/50.

Once the China legalize the cryptocurrency especially the Bitcoin, then, the value of today's market cap can be doubled or tripled, it depends how their people accept it. As we all know China have their own strategy way of investment. Crypto will increase in demand as some people from different countries will think that the mass adoption has come, so people will panic buy.

If bitcoin were legalized in China, the price would rise a lot because it would have more demand and investors would look at this decision by the Chinese government as something that would make other countries go the same way. China has major influences on other governments and its decision to legalize bitcoin would make other governments go the same way, and perhaps the US would legalize bitcoin too so as not to lose to china.

That will be certain and might happening anytime soon.

We know the fact China is quite influencer and proven many times on how the market reacts from banning of ico to supporting blockchain industry so if ever they will push through we might see sudden up but definitely not for long term.

Either Trillion and Quadrillion is exaggerating figure.

Honestly, I can't tell. China is a powerful country that have 1/8 population of the world (if I'm not mistaken). But China will probably not fully support cryptocurrency, only its own digital currency. I don't really think that they will support bitcoin. They might create their own that will compete with bitcoin.
But if ever they will legalize crypto, that's a big impact on the market. As I have said, they have a big population. With that population, it's possible for them to dominate in the crypto market.

Bitcoin (BTC) is now recognized as a legal asset that will be owned, transferred, and used as a media of payment of goods and services in China.  I predict if the crypto market in China is a legit cryptos then it will boom could Quadrillion.

China legalizing bitcoin don’t necessarily mean a bull run or expansion of the market. We already have had enough of the Chinese influence in our markets and network that it’s hard to think what more could they add if the head honchos of their economy are already involved in a way. Perhaps it will just be more evident to the Chinese the effects and applications of bitcoin, but not to the point that a bull run or an increased valuation will happen.

imagine the market before that it reaches 20k dollar, that is the minimum possibility that will happen if China will work for the good of cryptocurrency not only on their country but they will affect the mass of the countries in the world,they are one of the most influencer in the world therefore if they support a certain product it will really had a good effect.

As big as your mind can think, well we can conclude the whole population of China and we will see the numbers from that, excluding the populations in other countries. If China fully adopt cryptocurrency, we will go up high. New ATH can be made if the mass adoption started, but don’t get too excited because it will take more time.

It needs time before we can see a massive exploding which will happen in crypto if China legalizes cryptocurrency. We cannot expect a cryptocurrency to become thousand, million, or even billion dollars in just a week, month, or year. But we need to wait and see, but that will have a significant impact on cryptocurrency, especially if there is not only China that will legalize crypto, but the other big countries follow what China does.

The chinese government did ban a couple of crypto features back then like mining and some exchanges. Though i think they're softening up a little now and it would be really good news if china entirely opens up to crypto. I think there would be a considerable flow of chinese yuan in the market that could spike the prices of btc and major coins up. Though it's not likely going to start up a run that many are hoping for.

Yes and we saw how they affect the crypto market when they prohibit the use of crypto features in their country back then. Their influence might pick the interest of some popular countries if they started the first move. What if the opposite will happen, I mean if they fully legalize it, I can't imagine the possible thing to happen but it is full of positivity and might trigger the prices of crypto in the market.

China will never legalize crypto in general. This will break thier censorship

We can't count it on a million or trillion it depends on the person who has interest in crypto. Note that crypto curenncy has not yet been fully adopted worldwide so we will not immediately know how much of an impact it will have on altcoin prices especially on bitcoin.

For sure it will change worlds finances and maybe whole economy, especially when we add to it Libra launch

I don't think we should even talk about this since, despite the ban, I am sure a lot of Chinese still use crypto currency but not in the way that they will be caught since we all know bitcoin is decentralized. There is a difference when they unban it but I don't think it will still the same as now.

China is a big country indeed, they are the most populous country in the world and that will have definitely cause a big impact in the crypto industry however, that would not be enough to hit a billion, trillion or even quadrillion amount. Participation and massive adoption of countries across the world might put it in reality. If China legalize the utilization of crypto then we could see an another bull run market.

The country China is so big in which their population is also huge so just imagine if all of the citizen of the China legalized crypto then it would be probably a million or rather a billion impact into the current market.
Just imagine the impact when President Xi announced that he is open on the blockchain technology, just imagine the impact of this to the current market. What if they will finish the token or coin that they are making today, what would be the impact of it the global marketcap, I assure it would be really big.

but so far I have not seen real data about the amount of crypto use in China, maybe some time ago the Chinese president made good news but so far I personally do not know whether crypto is legal in China or not. so don't be quick to assume

For me Trillion is achievable since the marketcap ATH was $828 Billion and if China pull their banned about cryptocurrency then the marketcap will drastically increased because chinese are still one of big holders of crypto's even with their current situation so what more if the government in China make it legal on the country.

But it will be a massive fuel to run crypto currencies around the world on the long run. China is just great in most of everything, production machinery, name it. They have conquered most of the countries in their products. Imagine a new silk road is set up, but in a different manner, precision, transparent and less time consumption.

I think that China will focus on the national cryptocurrency, but this does not guarantee the biggest profit that you have ever seen, for the cryptocurrency market. Bitcoin is considered the main coin for the crypto market, but as you can see, China is in no hurry to support and promote this.

Billion？ Trillion？Quadrillion？No one knows  ??? ??? ??? ???

That's what makes us worry because where ever China has been it has conquered that domain let it be manufacturing or engineering or advanced technology etc.  What if they try to do same with crypto and control the price because there is a huge difference between whales manipulating price and a country doing it.  Not sure if there will be more positive effects or negative.

It won't change anything because the holders of crypto are already holding and people certainly still do use crypto. They cannot govern such ridiculous laws it's just impossible. There will be just as many new people adopting as there ever would be. If Chine makes crypto "legit" (not sure what that means btw) that won't suddenly make the masses run to crypto open armed. They want their own crypto so let us wait and see how that unfolds first before we look too far ahead.

china always has secret strategies.
i am sure they will not try to push some decentral thing.
except there is some geo strategic idea behind

Okay let's go with Statstics. Assuming that world's population is around 7 Billion with China having a population of 1.4 Billion as of their last census. Now as of now the market currently is worth around 230 Billion with Technology available roughly 5 Billion people. Assuming that rest .5 Billion are other countries which have banned bitcoins. Now if 1.4 Billion people are unleashed towards crypto market would grow roughly by 30% immediately merely by their entrance. Then hype would continue because China which is such a big country has legalized crypto would make people more confident regarding crypto. So what I think is that market cap could roughly double itself. Quadrillion is too much to expect.

It will for sure be big enough in order to surprise all of us. If China regulates cryptocurrencies it will boost the market value to crazy number and China is only the beginning as I'm sure more countries will follow the example as they don't want to sit behind and watch how China makes a lot of money and they boost their economy. Its a battle on every fronts , including the monopolization for cryptocurrencies , now wonder why China has the massive Bitcoin farms there.

This is true to some level, the competence between China and USA have reached the highest level. Now China takes the lead in all sectors and as in the above quote it always tries to conquer the respective markets. The same is not possible with bitcoin, because the available bitcoin is limited. Even if the entire farming process happens within China it is impossible to hold the entire fund in government's vault. When China makes it legal with government support they'll try to manipulate, and everytime the reaction won't be the same.

Yes exactly. I really don't know what the OP is talking about. Those who want bitcoin or crypto already have. Those who do not are just not exposed to it yet or have yet to discover it's joys.
Google is banned in China and people use it. If bitcoin is banned people will still use it. Even more so. Why would you want a communist country tracing your financial info? Using bitcoin makes sense. You can't prove who is a holder of bitcoin. If you could then people could make all sorts of crazy accusations about anyone about anything. Really do they think the rest of the world will sit and do nothing while Chine punishes people for using bitcoin? Not gonna happen. No country would support such laws. May as well make slavery legal again to quite honest.

of course this will really help increase the very high market if in China approve crypto because we know that China is one of the most developed countries in the field of trade and there are also many investors in the country and China is also known as one of the big bitcoin mining countries in among other countries, it's likely in my opinion if it happens in their country, maybe this will increase market development by around a trillion.

In fact the impact on the cryptos by legalization of it by china would be felt and the prices of cryptos is going to skyrocket, recently the mere mentioning of adoption of blockchain technology announced by the Chinese president triggers a massive pump in the price of bitcoin, China with it huge population would have a sizable numbers of its populace who would invest in cryptos thus pumping funds the market into invariably increasing market capitalization and volume of bitcoin traded in the market.

I think that it would be in trillion for now, because if you look at gold, ever since gold has been In existence with the high rate of adoption for it, it has still not passed much more than trillion, so if china is to legalize cryptocurrency now, it would be that a part of the puzzle for big market cap has been solved which I think that could actually lead to bitcoin reaching the mile stone of trillion.

I really cannot wait for the time that china would actually see the reason why they should accept bitcoin as one single cryptocurrency payment rather than the one they want to create their own currency which I would actually see as a distraction to bitcoin for their own citizens who uses and mine bitcoin a lot.

India is another country that will make a big impact if they accept bitcoin.

If the people in China is going to get into cryptocurrency, that would certainly amount into hundreds of billions or even a trillion. China having more than a billion of people. But since it will not happen, we cannot count on it. If China will finally legitimize cryptocurrency, that would only be a way for their own cryptocurrency to get adoption within their territory. That might not even affect positively the truly independent and free cryptocurrencies that we are all supporting now.

capitation can be seen only on a quarterly basis, unpredictable because there must be active implementation, but I agree if it really has a large potential for adoption. capitation will develop from various businesses that use China's stable cryptocurrency. their citizens can develop potential things first, and then move to other alternative coins, they are notoriously quick to adjust.

They are notoriously quick to adjust because they are also notoriously quick to create their own. That is what is currently happening in China right now. They are used to be against crypto and blockchain, and then they adjusted, even released a statement from the president himself that the country should make use of the technology, and will release their own coin soon. What will now happen to those coins that are being used in China right now? They will be replaced with their own coin.

Quarillion I guess. Well, China is really influential and in terms of their population its really promising. We also know that Chinese are very business-minded and top investors so probably they will increase the number of crypto users the moment they legalized it. They are top manufacturing industries, more likely regarding crypto they are really eager to invest on it and make their own coins probably.

I agree with you. A lot of people live in China.  ;) But the most important is all equipment is produced in China. All mining equipment is produced in China. All mining (especially Bitcoin mining) is concentrated in China. There are a lot of cheap electricity in China. If crypto will be absolutely legit in China it will be very good for crypto and for development of blockchain technology and mining equipment.

I only hope that their support for the blockchain technology is going to be a support for Bitcoin and altcoins also. But it looks like they are now trying to mint their own digital currency based on their fiat. If this is what is going to happen, how could the price of Bitcoin and of the altcoins grow if they will not be using them? They are going to create their own digital coin based on the chinese yuan.

As I always say, China is a peculiar and different country, there's no chance we can predict the effects because of these strange things China already did

China always say things, they will ban BTC, they will allow BTC, they will ban miners, they will not ban miners, so to me it's not wise to trust and predict any China speculation of government

There is zero affect for bitcoin other than the mining difficulty will be reduced if they ban mining and there are other miners situated world wide and the Chinese miners will move out to safe pastures, so literally there will be no affect on the market.

I remember when the market used to panic when some stupid FUD comes out from China but the market moved on from that stage and no one cares about those FUD anymore, if they ban everything so be it and bitcoin does not revolve around any particular country.

I don't really think there will be any significant improvement in the numbers in the crypto market. In as much that China has a good number which might influence the crypto market, the country already has a working payment and transaction system which is working very effective with no specific challenges. But I also see people in China using cryptocurrencies alongside this system. Thus why I'm saying there might not be any specific change in the crypto market.

Honestly we don't know, but I think it will have a huge impact on the crypto market as we see how china is reacting to their good developments in the block chain and changing their decision to banned and not banned. So i think when bitcoin and other crypto curency accept by many people and adopt by big company i think bitcoin will be worth much more compared today market cap.

China is also a huge country that also has a huge impact on the world of crypto. That's never questionable especially now that China plays a vital role in the world of digital currency. We only need a  huge adoption from the said country and good things in crypto will surely follow. There was news about the banning of blockchain technology but China is continuously adapting it as a  mode of payment so I believe that crypto will surely grow with the influence of China since people are showing its advantages as a digital currency.

Since Xi Jinping announces the use of blockchain, its making some good spikes in crypto, its not something that people expect that China will have second thoughts in cryptocurrencies but probably due to crypto being unstoppable so they are now considering. The forex market is more than trillions a day of volume so I would expect more than that since everyone is going to be in crypto one day unlike forex where only few are there.

I think it is already flourishing Even though it's not legal but if you think about it it could actually double in size right now and also there will be countries seeing this and then maybe doing what they are doing or maybe even thinking about it because to think that countries first ban cryptocurrencies then they life the ban it's like the need it now.
It's an essential part of the modern world so I think it would be amazing but who know if they will do it or not.

Well, when the time on 2017, China starts banning cryptocurrency and you would notice that the market just dropped tremendously. That creates a large FUD and the market drop like it's the end but luckily the support level on that time is quite strong. Despite of China banning crypto the whole cryptocurrency are not circulating entirely on China alone. There are bigger countries that holds more crypto too that's why the support level is quite strong.

I think even China legalizes bitcoin and cryptocurrencies, it doesn't mean everybody in China would buy or invest their money in crypto because not everybody has a knowledge about crypto. But i think if cryptocurrency is legal in China, i think the market will definitely increased more than in the year of 2017.

there is no need to rush mate,if ever china make a legitimate statement about bringing crypto a legitimacy.

it wont take effect that soon but surely this will help boosting the market,we have already saw how many times that if China make a statement the market automatically move either to pump if positive issue and dump once negative.

this only mean one thing that the market shakes about China's stand on crypto,but basically in time after the adoption/embracing of china for crypto surely market will grow essentially and may go to the moon as other countries will do theirs as well.

You could already remove the billion, since the market cap of cryptocurrency as a whole already reached its billion when all the cryptos market cap has been summed. Though, if China adopts cryptocurrency it isn't necessarily means that the market cap will surely rise too high. One sure thing is what adoption can bring is competition and crypto development.