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

[Tina H]

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.

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[BIN-BIN]

China is just a portion of the entire bitcoin market, even though a large part of bitcoin mining activities is carried out in China does not mean the country can destroy bitcoin if they decide to do so.

Bitcoin is a decentralized currency and can survive any attack. China's decisions on Bitcoin may affect the market negatively but can not stop Bitcoin from moving to the mainstream sector of the world economy.

[TastyChillySauce00]

If being worthless means the price go down to zero as if not even one soul in this planet value it anymore I doubt that, it will shake the market yes but even today they have cracked few mining facilities and the price instead going up again.
Elon's influence over the market seem to be bigger than china frankly speaking, this time around china's fud affect the market but not too much and their crackdown won't bring bitcoin market to its demise.

[sherryDEFI]

Judging from the historical trajectory, every blow will cause panic, but in the end it is to make Bitcoin go further and rise more fiercely. , Bitcoin is internationalized. Every policy, not only domestic, but every country’s blow will have more or less impact. After all, it will affect the national currency. But as the United States prints money uncontrollably, Bitcoin Coins have become a tool for people to avoid risks. If you check the number of Bitcoin addresses, you will find that the consensus is high enough and there is no need to worry about Bitcoin prices getting lower and lower.

[Kemarit]

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.

Just even China can stop bitcoin, if they ban bitcoin mining, then other nations will take and cover for them. Although it might affect the price it will be on short term only. Not only China, but even crypto influencer such as Elon Musk cannot make BTC worthless.

So I will advise you to understand this, maybe you are reading to much crypto media, that's why you are confused as most of the times they have narrative to take negatively about bitcoin.

[KaliLinux]

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.

One, China has always made some kind of ban comments on Bitcoin previously but that is not really going to put an end to Bitcoin and as we know, other countries are involved in Bitcoin mining too even if China was a majority in that part of Bitcoin.
Bitcoin has had several dips in the past due to many issues so this is not going to be any different from the previous market dips and will definitely come back up as usual.

[bittraffic]

There are articles that miners are going elsewhere from China so it's true if they really ban mining. There isn't much difference if another country will have more hashes now it's going to end the fud of centralized bitcoin mining due to the hash coming from them. If everyone goes to El Salvador or Iran, would it matter it be again centralized?  BTC will still have value. ITs price could plunge but it's still going to have value.

[aprilnot]

bitcoins will always have value, so don't worry about the china ban. crypto miners are already moving their assets outside of china and it's not a big problem. A few years ago, China also made almost the same ban on crypto exchanges, as a result, many crypto exchanges originating from China moved their offices. and at that time many said crypto and bitcoin were nearing their end. but look today the market is fine. so don't worry too much about this problem.

[Lorence.xD]

I'm sure not. But the price is definitely likely to get lower after that.

That's the extent of it in my opinion, also with the price of bitcoin currently, I think that bitcoin is too big to fail now, it should've failed a long time ago when the prices were still not that high.

[Obito]

That's taking it too far because China's crackdown is nothing to scoff at in the grand scheme of things for the movement of the market. Maybe we will see the prices go down for awhile but nothing to worry in the long-term because the crackdown will just make people to move in other countries.

[Questat]

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.

They have a huge influence in the market before as the majority of the mining industry is in China but not today, their people are doing it outside their country and it was not their control already. I don't know if will still add sense to the market movement but for me, they are nothing and we still able to survive without their support.

Things have changed and there are a lot of countries giving support to crypto. So it was not our loss if they will ban, crackdown Bitcoin, or anything they do.

[acener]

Could a single country destroy Bitcoin?
I think we all know the answer for it and it's a Big No.
China has been like it for so long they would ban and uplift it anytime they want,
And it isn't new to most of us it could create a sudden price movement but it couldn't kill Bitcoin,
Because if they could I think we wouldn't be here right now.

[hd49728]

China can not crack Bitcoin down and the real things behind mining ban news are only small part of mining farms in China will be stop their operations. They will have to change to other locations if the news is real but is the ban real.

China can change flip their bans anytime. Bitcoin will not be worthless because of China.

[_MrTuyul404]

Bitcoin will not to become worthless, as we all know, Bitcoin is Future Money, even China has given a bad news, bitcoin still worth although the price was down but it will be pump again, i am sure

[Sterbens]

it may more precisely result in a sharp drop in price, not completely Bitcoin will become worthless. we still have an incredibly large demand if they insist on blocking Bitcoin. it's just that the impact will be very worrying. we frankly China until now has made a big contribution to the growth of cryptocurrencies.

so don't worry, Bitcoin will still be around, even with so many great opportunities for other countries to adopt more Bitcoins after China is no longer accepting cryptocurrencies at all.

[Fesatmas]

I don't expect, even though this policy has been implemented, I hope the Chinese state will cancel their policy. we know this is very dangerous for the survival of bitcoin in the future and in the end the fate of cryptocurrency will be more chaotic.
This is still in the early stages, even though the price of Bitcoin has fallen quite large, especially if China is really not at peace with cryptocurrency.

[dansus021]

China whales need time to buy in a dip so they creating the news 
But in my opinion bitcoin will reach new ath and altcoin also or maybe only the altcoin but its clearly not become worthless

[joniboini]

The crackdown shares the same narrative as Tesla's effort for green mining. In other words, China is trying to make sure miners are not using coal energy and instead use a renewable or green energy source. I think in the long term it will instead be beneficial for the network. I won't be surprised if the government starts selling green energy for miners for a premium in the next few years.

[teosanru]

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.

I don't know newbies know it or not, China has tried to crush bitcoin numerous times starting from 2017 but till now in the longer-term bitcoin value has gone terribly up. See here is an article from 2017 citing that China bans bitcoin and therefore market crashes terribly: https://www.businessinsider.com/china-ban-bitcoin-exchanges-2017-9?IR=T

See how price fell to $4k and everyone was terribly pissed with China at that time too, fast forward to today, Bitcoin has gone past 60k and is now resting around 40k which still is 10 times the price it fell when China first banned it. One economy no matter how large it is cannot curb cryptocurrencies, It's difficult even for a cartel of countries to do it together.

[swiftbits]

They have been doing this regulation process for years, and we don't see much effect on this platform.
We all know how huge their community is, but it is not huge enough to make Bitcoin worthless.
Hopefully, this is not detrimental to the market in the long run.