Can China Ban on Bitcoin have any negative effect on Bitcoin in future?

[kryptqnick]

China still plays a major role, especially for crypto gambling. But the topic was discussed and made relevant many times because of various restrictions China introduced in the past. There were times when the influence on the price could be pretty significant (-20% price drop within a couple of days, and then the price being relatively down for a few months), but nothing China did could permanently damage the market, evidently. The most 'ban' (which was actually the Central bank declaring crypto transactions illegal) barely backfired (the price dropped from $45k to $42k, but then recovered and went up to $47k within one week), so I'd say that China's grip over the price is loosening. If China finally manages to ban everything crypto-related and makes it a criminal offence, this might have some midterm impact on the price, but that's not very likely to happen, and even such an even would only affect the price for a few months.

[teosanru]

Considering the fact that China keeps fighting to make sure they totally ban anything that has to do with Crypto (Bitcoin), we now notice that these days, their announcements now has less negative effect on Bitcoin, I.e Bitcoin don't fall careless again because of news from China like before.

But yet, investors and Bitcoin enthusiasts like me are beginning to worry if on the long run, China's ban can have a lasting drastic effect on Bitcoin or not.?

Not at all, no one country no matter how strong and powerful has the capacity to stop or even make a last effect on bitcoin, blockchain companies now have become pretty large and have a lot of funds, most of these companies operate through tax Havens where big countries cannot impose their laws, talking about retail consumer they anyway Don't impact bitcoin price a lot, infact a lot of people in China use VPNs to operate bitcoin and Cryptocurrencies, this means that Bitcoin and cryptos today are impossible to stop because big smart money has already moved into cryptos.

[dimonstration]

Not anymore, people will just neglect it due to its past behaviors like this. Price manipulation with a sudden dump. The only effects of it is the users of it in china. It will be hard for them to use it anymore and may result to just abandon it.

Users in China probably already find their own way to use Bitcoin or crypto without their government knowing it. For so many times that China Bans crypto there are still Chinese men who are able to do transactions as long as they wanted, though it might be harder than usual but it seems they need to find their path due to continuously banning China been doing in Bitcoin. It doesn’t affect the market that much but it will be a great help in price continuous pump if no banning will be intended by them as some investors in China didn’t want to enter in crypto because of their government’s always change of mind in crypto policy for a less hassle investment they intend not to join.

[Bitstar_coin]

In future China ban on btc will probably be history, nobody will pay attention to it any because by then people already are tired of hearing same old boring stuff over and over again, in future crypto will be more accepted and adopted and the question of China ban having effect will be meaningless I think,  right now people are slowly getting use to the ban soon it will no longer be a news, it will be normal.

[kanayaTabitha]

The effect is take place right after the news and disappear after few weeks, i think it's no effect with the future, moreover china bitcoin bans was never confirmed and the news keep coming every year. There are a lot of crypto market with chinesse people, i don't think that easy to ban cryptocurrency from china, the people who has power on china must be owning bitcoin or crypto and they will be easy to take down.
So i'm optimistic with future of crypto because it's the current most realiable currency to become future currency system.

[bitzizzix]

China or other countries will not be able to stop bitcoin and FUD from China always happens from time to time and as a result bitcoin continues to grow and rise, and I don't think China's FUD will worry bitcoin fans and investors because it is boring.
unless they are completely new to bitcoin and don't know the traces of China's behavior towards bitcoin, it might affect them.
Bitcoin cannot be stopped by any country or by anyone including China and although China has always tried to stop bitcoin until now onwards, it will never happen.

[pinggoki]

China, will have little, to no effect on the price of bitcoin right now. It has been established right from the get-go that they aren't in with cryptocurrency and had taken measures to ensure that no Chinese mainland citizens are going to use and buy bitcoin within their border. AFAIK they have already wiped a huge majority of miners and users as early as 2019, so there's little effects on bitcoin's price if there is any. As a matter of fact, I think of it as a win-win since most graphic cards are hoarded for their use in mining, and thus with China being out of the equation it will be easier and cheaper to acquire graphics cards in the future.

China or other countries will not be able to stop bitcoin and FUD from China always happens from time to time and as a result bitcoin continues to grow and rise, and I don't think China's FUD will worry bitcoin fans and investors because it is boring.
unless they are completely new to bitcoin and don't know the traces of China's behavior towards bitcoin, it might affect them.
Bitcoin cannot be stopped by any country or by anyone including China and although China has always tried to stop bitcoin until now onwards, it will never happen.

I would also agree with you, it has been like that since bitcoin boomed last 2018, and they have taken drastic measures to put bitcoin in a negative light. That being said people are already growing weary of their antics and bullcrap so they would prolly just shrug any news about cryptocurrencies coming from China since it will almost always going to be negative anyway. No point in keeping tabs on someone or in this case, something that doesn't serve your greater purpose well.

[pooya87]

After the announcement about the ban, Bitcoin's market value fell by 10%. ~ If the US were to ban Bitcoin, that would probably be a much bigger blow than what we saw with the Chinese bans.   

That's a terrible comparison.
"China banned bitcoin" is one of the oldest FUDs that we have been hearing. The oldest case I am aware of is from 2013 and the first time it came out it had a significant effect on price. Obviously the 500^th time repeating the same nonsense is not going to have the same effect as the first time. Hence the small drop.
In comparison if the same news came out of US it would be the very first time and it will have the same effect as the first China FUD.

Another big difference is that people are too lazy to fact check, they are even lazier if the facts are coming from a language they don't understand (ie. Chinese). So when the FUD about China comes out, they don't even bother checking the reality but if it comes out of US they can easily do that. The media also can't bend the truth as much. So the effects could be bigger.

[avikz]

Considering the fact that China keeps fighting to make sure they totally ban anything that has to do with Crypto (Bitcoin), we now notice that these days, their announcements now has less negative effect on Bitcoin, I.e Bitcoin don't fall careless again because of news from China like before.

But yet, investors and Bitcoin enthusiasts like me are beginning to worry if on the long run, China's ban can have a lasting drastic effect on Bitcoin or not.?

I would say no impact will be seen! The bitcoin market is now immune from Chinese legislation as the Chinese government has made it quite clear that they will stand against cryptocurrencies as it provides their citizens with financial freedom and an escape route from their strict regulations. So majority of the Chinese players are already out of the market. Few might continue to operate illegally but their numbers are very less.

So I see it as a net positive and in long run it will positively impact the market for sure.

[Botnake]

Considering the fact that China keeps fighting to make sure they totally ban anything that has to do with Crypto (Bitcoin), we now notice that these days, their announcements now has less negative effect on Bitcoin, I.e Bitcoin don't fall careless again because of news from China like before.

But yet, investors and Bitcoin enthusiasts like me are beginning to worry if on the long run, China's ban can have a lasting drastic effect on Bitcoin or not.?

I would say no impact will be seen! The bitcoin market is now immune from Chinese legislation as the Chinese government has made it quite clear that they will stand against cryptocurrencies as it provides their citizens with financial freedom and an escape route from their strict regulations. So majority of the Chinese players are already out of the market. Few might continue to operate illegally but their numbers are very less.

So I see it as a net positive and in long run it will positively impact the market for sure.

Chinese investors here could have been the victim of this recent announced banning of crypto and i believe that it will definitely create a long term effect on them. But when it comes to the bitcoin market, i have seen that there is no huge effect really unlike what it had impacted from the previous years. This time, i agree on you that the bitcoin market is now immune from all those frequent banning from China and bitcoin has learned not to depend on China anymore as there are more big countries that have been more supportive to bitcoin now. With or without China, i think it does not make any difference.

[witcher_sense]

We have witnessed countless times China prohibiting bitcoin, still, none of those cases led to the demise of decentralized cryptocurrency. Except that the very recent case of prohibition has resulted in the mining industry driving out of the borders of China. The short-term consequences are undeniably positive for the bitcoin network since Chinese miners had to move to other countries, which basically have made the whole network more distributed and thus decentralized. The long-term implications, however, may well be less positive. Some countries have already started to follow the example of China in terms of surveillance, social credit systems, etc. They may also begin to mimic the Chinese attitude towards the bitcoin mining industry. That may cause a situation where there will be only so many places for the bitcoin mining business that it will be easier for governments to overtake control and dictate their terms.

It should be emphasized that there is always competition among nation-states going on, meaning that if some countries begin to drive out businesses, the other, on the contrary, attract businesses. The question is how many rational players, who value bitcoin and positive aspects of running the bitcoin business, we need to sustain a decent distribution of mining farms.

[crwth]

As numerous members have said it already, they have banned it multiple times, and look at BTC now; it's still strong and is in that bull run that we all want. I think they are probably making a scene and making a dump in the market to scoop up BTC at a lower price, and they can profit quickly in this way. Maybe they have something planned for this type of thing. Imagine if the whole population of China was to use or buy BTC; that's probably a great way to pump the price.

[Wexnident]

I can't agree with you less sir....but I see them going ahead to try to influence other big countries to follow their foot steps.

Thing is, their influence on other countries can't exactly influence the market in the long run. It's just like how China's ban has close to zero influence on the Bitcoin market simply because the market has never even considered China itself to be part of its worth. China can have a massive influence on other stuff, maybe, but on Bitcoin? Not even close. Just like others have said, history has already spoken on what's it's stand on China's influence on Bitcoin, and it certainly close to nonexistent imo.

[Pmalek]

That's a terrible comparison.

It doesn't have to be a direct comparison. I was just saying that the US is a much bigger player on all international markets, and if something negative came from them, it would cause greater short-term damage than if it came from anywhere else, including China. If the Faroe Islands were to ban Bitcoin tomorrow for the first time, no one would bat an eye because no one looks to them for setting standards, providing guidance, or leadership.

[SFR10]

but I see them going ahead to try to influence other big countries to follow their foot steps.

AFAICS, they only care about their own CBDC, so they could have full control over their citizens, and on top of that, they'd gain nothing by influencing other countries to follow in their footsteps!
- Let's assume for a second that all of the countries that already have "launched their own CBDC ^[5] or those that are in the pilot stages ^[14]" suddenly decide to ban BTCitcoin as a whole; all that does is it'd force affected people to come up with various workarounds ^{[in other words, it defeats its purpose to an extent]}.

[peter0425]

Considering the fact that China keeps fighting to make sure they totally ban anything that has to do with Crypto (Bitcoin), we now notice that these days, their announcements now has less negative effect on Bitcoin, I.e Bitcoin don't fall careless again because of news from China like before.

But yet, investors and Bitcoin enthusiasts like me are beginning to worry if on the long run, China's ban can have a lasting drastic effect on Bitcoin or not.?

It is not Negative effect instead the Positive one that we will be having , china is bullying the Bitcoin community for year now and letting them take out of this matter is a sign that the market can stand independently .
yes they have the largest mining network but with their action now the world is sharing adopting the mining that once supportive by their country.
in this matter why need to be shaken when we are looking for more brighter future of bitcoin and the whole crypto without china's presence .

[syedakhlaque]

China's Ban on Bitcoin can put a temporary effect on Bitcoin but after passing some time Bitcoin will improve and come back to its former position. Bitcoin trade and business still continue where it is not legalized. So it will also happen in China. It is also true that China will have to accept the importance and legal position of Bitcoin. Because it is not possible for any country to stop the flow of Bitcoin and cryptocurrency.

[aprilnot]

Considering the fact that China keeps fighting to make sure they totally ban anything that has to do with Crypto (Bitcoin), we now notice that these days, their announcements now has less negative effect on Bitcoin, I.e Bitcoin don't fall careless again because of news from China like before.

But yet, investors and Bitcoin enthusiasts like me are beginning to worry if on the long run, China's ban can have a lasting drastic effect on Bitcoin or not.?

it will have no effect in the long term. their ban can only slow, but not stop the development of bitcoin. bitcoin will not be shaken just by bans from one or two countries. negative effects only affect in the short term. overall bitcoin is strong enough to maintain its presence in the market.

[shield132]

If you look at those chart, data and the article, you would realize that China ban events don't have long lasting effects.

Yeah, that's right. Announcements from China have negative effect on bitcoin immediately but that quickly fades away. The fact is that current price is becoming a new normal for bitcoin and China can't have a serious influence on it. No one is gonna panic sell bitcoin because of China cause these announcements aren't something new, people have already adapted on these news and bitcoin can live well without China. If there was no history of statement and market would be hugely dependent on the China, then very strict and negative news/law on bitcoin could seriously beat it's price but all the things from China were coming slowly and slowly.

[nurilham]

I'm not sure about that, but even though China banned bitcoin and other cryptos I don't think it will affect the future of bitcoin at this point many countries are starting to support and accept bitcoin. The news about China has been around for a long time where China banned bitcoin and I think bitcoin can explore more so that it can maintain its future. maybe this news will shake up the crypto market a bit, but I don't think it will worsen the future of crypto.