How BIG will the crypto market be if China legit cryptos?

[50Cal]

Billion？ Trillion？Quadrillion？

[mk4]

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.

[Maotezi]

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

[Botnake]

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.

[blckhawk]

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.

[sunsilk]

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.

[jootn2kx]

Billion？ Trillion？Quadrillion？

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.

[CryptoBry]

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.

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.

[joinfree]

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.

[Natalim]

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.

[50Cal]

Billion？ Trillion？Quadrillion？

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.

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.

[acdc]

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 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.

[mk4]

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.

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.

[gentlemand]

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.

[50Cal]

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.

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

[audaciousbeing]

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.

[DabsPoorVersion]

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 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.

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.

[Edraket31]

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.

[Slow death]

Billion？ Trillion？Quadrillion

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.

[Casdinyard]

If China allows the use of cryptocurrency, it will be the use of its own cryptocurrency.

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.

Billion？ Trillion？Quadrillion？

Either Trillion and Quadrillion is exaggerating figure.