My first post, but been lurking on these forums since the beginning of the year

Post China news in reality not that much is different atm. They would have been looking long and hard at Bitcoin for a while, its just we weren't aware of it. The $1200 prices were (imo) based on the opinion 'China loves Bitcoin'. Now we are in a more realistic place. Obviously the big thing is can Bitcoin be used as an actual currency there? It seems like it might be ok, so long as financial institutions aren't involved (which is how Bitcoin works). You could (if you were optimistic) take this announcement as 'China makes Bitcoin legal for its people'. Think maybe thats pushing it too far though as the announcement seems to carry the subtext of 'we are watching this very closely and haven't decided yet'

I think the best indicator we have is the Chinese market. Presumably the Chinese investors in Bitcoin will have a better understanding of the implications, as they will be able to better read the subtleties (not just because of the language, but because of experience living with the govt). That it hasn't crashed lower is encouraging imo. Long term price wise, tempted to write it of as insignificant. Bitcoin just needs to make it in a few countries, and the competitive advantage should force the others to play ball.