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

[bedo3791]

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

[teosanru]

Billion？ Trillion？Quadrillion？

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.

[boltz]

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.

[Ayiranorea]

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.

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.

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.

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.

[Mike Mayor]

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.

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.

[bounceback]

Billion？ Trillion？Quadrillion？

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.

[gabbie2010]

Billion？ Trillion？Quadrillion？

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.

[stepwilli]

Billion？ Trillion？Quadrillion？

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.

[Getmon]

Billion？ Trillion？Quadrillion？

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.

[TRONTON]

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.

[Getmon]

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.

[Asmonist]

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.

[damacrypto]

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.

[Getmon]

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.

[rdluffy]

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

[BChydro]

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

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.

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

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.

[Youghoor]

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.

[Fappanu]

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.

[Genemind]

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.

[enhu]

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.