Will China's crackdown on Bitcoin cause Bitcoin to become worthless?

[Smitty Werben Man Jensen]

of course that is bullshit!, Bitcoin will continue to be valuable until the world ends, or until the internet dies,
calm down and don't panic to sell, because if you panic then you will really regret it,
do what's best for the country right?, of course it's going to be quite a long time again

[romero121]

China often makes some statements causing crackdown on the Market of bitcoin. This is common with China, and we can see this happen due to the massive influence China has got over the network. This scenario might change when mining of bitcoin in China move towards other countries in large percentage. As of now China holds the position to make changes in the market and the same doesn't make bitcoin go worthless.

[LUCKMCFLY]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

Do not worry, the greatest of all dangers were the miners and many have migrated to the USA, which they see a better panorama to continue with their activities, China will always be an opportunistic country with respect to BTC, when it suits it it is fine with BTC and when not, it attacks it, in fact China is a very large country with a large population of people, obviously if it widely inflates the market demand, but on the other hand this type of news is counteracted because there are more good things such as the fact that El Salvador has adopted BTC as a currency and they plan to implement BTC as a means of payment of wages and salaries, this has been the only country that has made this determination, do not worry, BTC will be in a safe zone, more because there is a lot of investment of institutions with large sums of money that do not think loss it.

[TravelMug]

China is just one country where Bitcoin could thrive. Admittedly, the country has a very large market but I don't think Bitcoin's price and fate are at the mercy of the Chinese government. Also, it has been repeatedly debunked that every single Chinese would also avoid Bitcoin only because its totalitarian government doesn't like it. I've come across a number of testimonies from Chinese individuals in China themselves that they are still more or less free to access Bitcoin online.

Isn't that the impact we have seen when the Chinese rules blocked Bitcoin. although this policy has been around for a long time and has had a big impact this year. we don't know for sure whether bitcoin will be valuable or not. but what is our current belief is that Bitcoin is still in a stable state despite being hit by China's decision.

What impact? they haven't blocked bitcoin, although I would say that they don't like it because it gives too much freedom and then there is capital flight. As for banning bitcoin mining, this will be healthy in the long run. The Chinese won't have the monopoly and then other nations starting to take the lead. So in no time, China will be irrelevant, not just in bitcoin ecosystem, but the whole ecosystem. We don't have to hear anything coming from them that disrupts the market, and I feel that they are doing it on purpose.

[Silberman]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

You are a newbie so it is understandable that you do not know but FUD coming from China is nothing new, in fact there was a time in which the influence of China was huge and only a comment was needed to crash the price of bitcoin, however the more they do this and the more they lose control of mining and the miners move to other countries then the less power and influence they will have over this market so I am not worried about this at all.

[Gaaara]

Since bitcoin decreases demand as China complete blockage of it, it decreases it value but I don't see it going further down than that. China is a large country and almost worth as US and since Chinas' economy is top tier as well losing investors there created a huge FUD that it cannot sustain its current price. But the thing is even if China didn't block bitcoin it is an inevitable event that bitcoin will decrease its price at a certain point, it normally happens and bitcoin can easily climb back to its peak once all the FUD that was created during the Chinas' blockage to bitcoin ends.

Bitcoin takes a hit from Tesla issue as well so it is understandable that bitcoin falls from $60k to $35k in just a few weeks but right now I don't see it lower than $30k.

[bryant.coleman]

You are a newbie so it is understandable that you do not know but FUD coming from China is nothing new, in fact there was a time in which the influence of China was huge and only a comment was needed to crash the price of bitcoin, however the more they do this and the more they lose control of mining and the miners move to other countries then the less power and influence they will have over this market so I am not worried about this at all.

China still retains a lot of influence, but now most of the traders have taken steps to lessen the impact of any hostile government action. Many have moved their trades to exchanges in Hong Kong and South Korea, and in rare cases the traders themselves have moved out of China. And regarding the mining sector, it is true that China still contributes to around 70% of the hash power. But over the years, the percentage has come down and in the future we can expect it to go further down, and may hit the 50% level.

[inanilujimi]

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

[somac.]

You are a newbie so it is understandable that you do not know but FUD coming from China is nothing new, in fact there was a time in which the influence of China was huge and only a comment was needed to crash the price of bitcoin, however the more they do this and the more they lose control of mining and the miners move to other countries then the less power and influence they will have over this market so I am not worried about this at all.

China still retains a lot of influence, but now most of the traders have taken steps to lessen the impact of any hostile government action. Many have moved their trades to exchanges in Hong Kong and South Korea, and in rare cases the traders themselves have moved out of China. And regarding the mining sector, it is true that China still contributes to around 70% of the hash power. But over the years, the percentage has come down and in the future we can expect it to go further down, and may hit the 50% level.

I think your wrong about the Chinese mining percentage. Nic Carter estimates 50% already, and that was prior to the Chinese miner shutdown. I'd say they are much lower now and will soon be none, as no Bitcoin business can now operate under a regime like the CCP.

Same as businesses staying away from places like the Congo. Doesn't matter if they are resource rich if they are going to change laws on you overnight that either destroy your business or your life.

[Silberman]

You are a newbie so it is understandable that you do not know but FUD coming from China is nothing new, in fact there was a time in which the influence of China was huge and only a comment was needed to crash the price of bitcoin, however the more they do this and the more they lose control of mining and the miners move to other countries then the less power and influence they will have over this market so I am not worried about this at all.

China still retains a lot of influence, but now most of the traders have taken steps to lessen the impact of any hostile government action. Many have moved their trades to exchanges in Hong Kong and South Korea, and in rare cases the traders themselves have moved out of China. And regarding the mining sector, it is true that China still contributes to around 70% of the hash power. But over the years, the percentage has come down and in the future we can expect it to go further down, and may hit the 50% level.

I think your wrong about the Chinese mining percentage. Nic Carter estimates 50% already, and that was prior to the Chinese miner shutdown. I'd say they are much lower now and will soon be none, as no Bitcoin business can now operate under a regime like the CCP.

Same as businesses staying away from places like the Congo. Doesn't matter if they are resource rich if they are going to change laws on you overnight that either destroy your business or your life.

This was bound to happen, while the costs of electricity are very low on China, which is why miners set their operations there, political instability can be more than enough to force miners to relocate, when the government can change the rules of the game to their benefit at any time then this is not good for the private enterprises that set up shop there, this is why I always thought it was weird that so many businesses moved their operations there when their assets could be easily confiscated at any moment.

[Hypnosis00]

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

China alone can't shut down Bitcoin but we can see its fatal effect on the market since the majority of the mining industries and gadgets are coming from them. Several times that they are banning crypto but also several times they open it. We really don't know what's in the head of their leaders. But there is one thing I'm sure of is that Bitcoin will still able to survive without China. A lot of countries give support to cryptocurrency now and I think it was enough to move the market to a higher level.

[skarais]

Will China's crackdown on Bitcoin cause Bitcoin to become worthless?

No, bitcoin will have a price at all times as long as we can still trade it despite the Chinese ban.

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

Convince yourself that bitcoin could still reach higher prices in the future and could still drop lower. China is the part that can have an impact on the bitcoin price, but they will not be able to prevent the bitcoin price from growing when there is a lot of support coming from institutional investor and other countries that are starting to adopt. It's natural that you start to hesitate to stay optimistic because of a price correction, but a price correction will not be the reason bitcoin can no longer peak.

Always remember that bitcoin is a valuable asset for more than 10 years and bitcoin still has a better future as a tradable asset as well as a currency. Though you need to know that investing in bitcoin has a risk that is proportional to the profit you will get in the long run. Always invest within the limit that you can afford to lose, It will not make you afraid and doubt about the price dump or pump.

[proudhon]

Will China's crackdown on Bitcoin cause Bitcoin to become worthless?

Easy. Yes, absolutely. Next question.

[carlisle1]

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

China alone can't shut down Bitcoin but we can see its fatal effect on the market since the majority of the mining industries and gadgets are coming from them. Several times that they are banning crypto but also several times they open it. We really don't know what's in the head of their leaders. But there is one thing I'm sure of is that Bitcoin will still able to survive without China. A lot of countries give support to cryptocurrency now and I think it was enough to move the market to a higher level.

It's been a roller-coaster ride with them, they are always after to what they've think is beneficial for them.
Who knows after this they will re-open it and again exposed their support.

People from that country are aware to what the government can do and they are all waiting for the next thing to happened.
Some are pausing their supports while others are collecting cheap coins and silently storing it from a safe vault.

Just wait and hope for the best outcome for this market.

[Kong Hey Pakboy]

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

A lot of users in this forum are saying this because it is true and I do agree with it because I have seen a lot of FUDs already and I have never seen any FUD persist that long, their like a flu, it feels shitty at first but as time goes by, it will eventually go away.

[noorman0]

It may be like that initially, people are only worrying and assume that China's policy is the main influence. However Bitcoin is a form of economic revolution desired by many people, China must really make something new more innovative and can change the attraction.

China can only ban but it can't stop. In the end Bitcoin enthusiasts will get used to it without China's role.

[Natalim]

It may be like that initially, people are only worrying and assume that China's policy is the main influence. However Bitcoin is a form of economic revolution desired by many people, China must really make something new more innovative and can change the attraction.

China can only ban but it can't stop. In the end Bitcoin enthusiasts will get used to it without China's role.

Exactly, people tend not to realized that the crypto does not evolve in China, yes, they have the biggest miners but crypto will continue to exist without them, and it's easy for the big miners to relocate and look for a location to continue their operation. The problem is, we are spreading FUD so people got panic.

[el kaka22]

It may be like that initially, people are only worrying and assume that China's policy is the main influence. However Bitcoin is a form of economic revolution desired by many people, China must really make something new more innovative and can change the attraction.

China can only ban but it can't stop. In the end Bitcoin enthusiasts will get used to it without China's role.

They are not really after getting the attention, they just do not want anything they can't control at the hands of their people and that's it. I do not care if there are anyone who would be supporting China, I really do not care, but the reality is that china is ruled with dictatorship, last time people wanted to fairly elect others the nations soldiers killed people, it is still remembered to this day.

Long story short people should not really be hoping China to get back in to crypto world, we have heard maybe 10+ times so far that "china bans bitcoin" so far, most of the time they "ban" it and others still keep doing it in secret, but the reality is that china will NEVER support bitcoin and crypto fully, why? Because, it is decentralized and they hate things that are not centralized, hell Chinese government actually owns 50% all companies there, that is how their nation work.

[Silberman]

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

China alone can't shut down Bitcoin but we can see its fatal effect on the market since the majority of the mining industries and gadgets are coming from them. Several times that they are banning crypto but also several times they open it. We really don't know what's in the head of their leaders. But there is one thing I'm sure of is that Bitcoin will still able to survive without China. A lot of countries give support to cryptocurrency now and I think it was enough to move the market to a higher level.

I do not think they know the answer to that question, bitcoin is double-edged sword for them, on one hand they look at bitcoin and they see in it another weapon they can use to try to hinder the US dollar, and when they look at it in this away they may like to support bitcoin, however they see that bitcoin can be used by their citizens to achieve a level of freedom they do not have and when they look at it from this perspective then they do not want to encourage the adoption of bitcoin.

[7788bitcoin]

I do not think they know the answer to that question, bitcoin is double-edged sword for them, on one hand they look at bitcoin and they see in it another weapon they can use to try to hinder the US dollar, and when they look at it in this away they may like to support bitcoin, however they see that bitcoin can be used by their citizens to achieve a level of freedom they do not have and when they look at it from this perspective then they do not want to encourage the adoption of bitcoin.

It looks funny to see how a government is handling the hurdle, the government do not want to give the freedom to their citizens even though Bitcoin will help them overcome the restrictions imposed by other countries according to you and they are known to control their citizens from which sites they visit to which media they watch and they need to continue that because they might not want their citizens to achieve financial freedom.