If China Supports Crypto, Where Can Bitcoin's Price Go?

[Ricardo11]

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?




if I am wrong anyway, please correct me.

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[MusaMohamed]

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

China banned Bitcoin mining but did not ban Bitcoin usage or cryptocurrency usage by their citizens.

China Never Completely Banned Crypto. They will not ban Bitcoin and cryptocurrency because they know their citizens have high demand on it and they can tax their citizens by allowing trading Bitcoin and cryptocurrency. Citizens can have different ways to trade Bitcoin & cryptocurrencies and no ban can completely prevent citizens to trade.

[joeperry]

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

As per @MusaMohamed I think I remember that too, they didn't completely ban crypto and only the mining and as per Binance Top 10 countries by crypto holders, China is belong in the top 5 holders therefore it would be difficult to completely ban it in China [source] regarding the price, I really don't think it would go up easily there's a lot of process and adaptation to the community first as not all people are familiar with Bitcoin or cryptocurrency in general.

So even if it would support cryptocurrency, it would take time to adapt and slowly increasing the demand of people to cryptocurrency.

[kryptqnick]

When the news about Hong Kong broke, I figured people might start speculating about adoption of cryptos in China. I don't think it's going to happen, as Hong Kong is a special administrative region, so there are special policies that apply only to this region. China is the second-largest economy in the world and the first-largest (or the second-largest, by some estimates) country by population. If China warmed up to Bitcoin, it would have a major impact because of these two factors. But I don't think that will actually happen because China is all about control, and Bitcoin is about freedom.

[PrivacyG]

I wonder if China will follow The United States with the ETF, if they even have such things over there.  I can see why they keep banning and unbanning Bitcoin Mining but I doubt they will completely dash the opportunity of playing a role in the rise of Bitcoin.  United States and China have a similarity.  They both share the fear of losing control, so they both HATE having to play pretend about supporting it.

Now back to your question.  I think it would help if China showed true support for Bitcoin, but I do not imagine it would make an incredible difference.  Maybe a few percentages.  Even if it is China and the country is big and powerful, remember almost the WHOLE rest of the world is in the Bitcoin game already.  The Chinese are too, even if the status of Bitcoin over there is under uncertainty.

[Oshosondy]

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

China did not ban bitcoin. You can have bitcoin in China and no one will say you are doing something illegal.

China banned Bitcoin mining but did not ban Bitcoin usage or cryptocurrency usage by their citizens.

China banned crypto mining but the second country with the highest bitcoin mining hash rate as of today is China.

When the news about Hong Kong broke, I figured people might start speculating about adoption of cryptos in China.

What news? Hong Kong has never banned cryptocurrencies before. Bitcoin ETF is not even bitcoin but a token pegged with bitcoin.

[traderethereum]

The price of bitcoin can be at any high price, regardless of whether China supports it or not. Bitcoin is not bound by the support of one country or many countries.
You have seen how Bitcoin has increased so far. Even though the price of Bitcoin is currently being corrected, it will increase again. So, the price of Bitcoin will definitely rise again after this.
China may support cryptocurrencies in the future but they can also ban cryptocurrencies. But we will never know what the highest price of bitcoin will be.

[crwth]

I remember the times that Bitcoin died multiple times during its existence. Isn't it that they killed it there or something? Maybe they will do that once they see more exposure. I know there are a lot of Chinese miners right? Maybe they are making ways to utilize cryptocurrencies.

[kentrolla]

I can never have any hors on China as it may support Bitcoin one day and next day it may threaten to ban it or restrict it's transaction even though it has not completely banned Bitcoin as it has just banned mining by private players. I think any powerful nations like China supporting Bitcoin will have positive impact on its value but cannot expect much from China as they don't hold their words and the communists will do anything to keep the population poor and under control even if it mean completely banning Bitcoin.

[coolcoinz]

IMO they see that bitcoin is a superior form of money, but at the same time don't want to openly say they were wrong to ban it, so they're doing all of this by proxy, through their special economic zone in Hong Kong. Don't be fooled though, everything that happens there has to be approved by the government. It's not like Hong Kong suddenly decided to go against the CCP and accept bitcoin. This is the official stance of China, just done slowly, starting in one area, but if nothing bad happens they will lift bans in the mainland.

Bitcoin will go as high as people want it to go, and IMO it's towards $1m. That's the goal for most people and the highest number they can think of. With full acceptance in China it should be easy, but first $100k

[Orpichukwu]

The price of bitcoin can be at any high price, regardless of whether China supports it or not. Bitcoin is not bound by the support of one country or many countries.
You have seen how Bitcoin has increased so far. Even though the price of Bitcoin is currently being corrected, it will increase again. So, the price of Bitcoin will definitely rise again after this.
China may support cryptocurrencies in the future but they can also ban cryptocurrencies. But we will never know what the highest price of bitcoin will be.

I have no doubt that if China unbans Bitcoin today and publicly accepts it in the whole of China, there is a very high possibility that the Bitcoin price will do a U-turn and gain a little ground on the market.
 
Even if it won't last for long, the influence that news will carry will definitely bring a green light to the market, not only for Bitcoin but for a few other coins that have pairs with Bitcoin.
 
With or without China unbanning, the price will still recover, as this is normal for Bitcoin no matter the circumstances; it was pulled out strong, so this might take some time, but it will recover from this dip anytime soon.

[CryptoBuds]

When the news about Hong Kong broke, I figured people might start speculating about adoption of cryptos in China. I don't think it's going to happen, as Hong Kong is a special administrative region, so there are special policies that apply only to this region. China is the second-largest economy in the world and the first-largest (or the second-largest, by some estimates) country by population. If China warmed up to Bitcoin, it would have a major impact because of these two factors. But I don't think that will actually happen because China is all about control, and Bitcoin is about freedom.

But you also need to note that even though the Chinese government has banned bitcoin and cryptocurrencies, that doesn't mean Chinese people don't invest in cryptocurrencies. Many big investors, sharks...come from China despite the government's ban. Perhaps the Chinese government also understands that banning will only cause them to lose a huge tax source, sooner or later they will soon amend the regulations and integrate with the development of crypto, IMO. I still believe that the approval of ETFs from Hong Kong has a significant impact from the Chinese government.

[traderethereum]

The price of bitcoin can be at any high price, regardless of whether China supports it or not. Bitcoin is not bound by the support of one country or many countries.
You have seen how Bitcoin has increased so far. Even though the price of Bitcoin is currently being corrected, it will increase again. So, the price of Bitcoin will definitely rise again after this.
China may support cryptocurrencies in the future but they can also ban cryptocurrencies. But we will never know what the highest price of bitcoin will be.

I have no doubt that if China unbans Bitcoin today and publicly accepts it in the whole of China, there is a very high possibility that the Bitcoin price will do a U-turn and gain a little ground on the market.
 
Even if it won't last for long, the influence that news will carry will definitely bring a green light to the market, not only for Bitcoin but for a few other coins that have pairs with Bitcoin.
 
With or without China unbanning, the price will still recover, as this is normal for Bitcoin no matter the circumstances; it was pulled out strong, so this might take some time, but it will recover from this dip anytime soon.

I am also sure of that because if Bitcoin could really benefit them, they would not prohibit its use. Unless their government wants to take advantage of it first for state purposes, then they will allow their citizens to use Bitcoin.
The bitcoin price will definitely reverse course, and it is only a matter of time. We must be patient until then, and in the meantime, we can continue to collect more bitcoins before it is too late.
Bitcoin prices will return to normal and rise again. All this is only temporary. When the time comes, the price of Bitcoin will start its long rally, and that's when we will be able to make big profits again.

[Wapfika]

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

I remember the days when China is still supporting crypto. Crypto market is on too much volatile since they always manipulate the price by announcing positive news then later on release negative news that they will ban cryptocurrency. They keep doing this for a long time until they ban crypto permanently until now.

But assuming they will come back again, I’m sure that the price will reach new ATH since there’s a lot of demand coming from them because they a lot of citizens that wants to invest on crypto. China is now the leading country in terms of economy, if this giant country truly support crypto 100% then sky is the limit for the price growth because we experienced this before during the early stage of crypto.

[usekevin]

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

Also, if an influential country or person supports Bitcoin or cryptocurrency, the value of Bitcoin will definitely increase. For example, when Elon Musk, the richest man in the world, announced that Tesla would accept Bitcoin as a means of payment from customers, Bitcoin's acceptance increased and its value increased to around $64K.

The China economy was the biggest one compared to many of the countries,So if the cryptocurrency was adopted by the China it had huge impact to the price of the bitcoin.Even we can expect the price of the bitcoin to reach to the value of 100k in a short period of time.Because currently the price of the bitcoin was reached to the low value of 60k dollars from the value of 71k dollars.Most of the people considered the value of the bitcoin will attain the value of 80-90k in the bull run.But if the China legalised the bitcoin and cryptocurrency we able to get into 80-100k dollars.

Currently China is a large population and influential country. If China supports something, other countries support that thing and that thing grows rapidly.

Is there any possibility that China will support cryptocurrency in the future? If supported, at what level can the price of Bitcoin go?

if I am wrong anyway, please correct me.

The China population also impact the bitcoin price in the very huge range,the China economy is like the United States economy by the quantity.So the legalisation itself help the China  people to get into the market.Before China people had used the cryptocurrency by the way of mining setup in huge number.After the government get more involved,the mining setup in the country was almost reduced by the government monitoring by finding the huge electricity consumption in the particular area and eliminate it permanently.

[South Park]

China has banned cryptocurrencies completely, they have taken a tough decision against Bitcoin. Now if China supports cryptocurrency, what could be the value of Bitcoin? We all know that China is an influential country. Other countries greatly support China.

I remember the days when China is still supporting crypto. Crypto market is on too much volatile since they always manipulate the price by announcing positive news then later on release negative news that they will ban cryptocurrency. They keep doing this for a long time until they ban crypto permanently until now.

But assuming they will come back again, I’m sure that the price will reach new ATH since there’s a lot of demand coming from them because they a lot of citizens that wants to invest on crypto. China is now the leading country in terms of economy, if this giant country truly support crypto 100% then sky is the limit for the price growth because we experienced this before during the early stage of crypto.

That is what it will make me suspicious if we saw the Chinese government changing their stance and be more accepting of bitcoin, as I remember the days in which the politicians there said one thing in favor of bitcoin and weeks later they retracted their statements and took the opposite stance, so while it is obvious that if China supported bitcoin with all they had, it could allow this market to reach new heights, we must not count on this ever happening.

[Odusko]

Hongkong as a southern China region have approved bitcoin sport ETF which shows that China did not ban bitcoin but just a segment of it activities that got banned e.g, bitcoin mining and to that extent we have to question the validity of your assumptions that China ban bitcoin.
As per the price reaction if China approves bitcoin as a currency, the market will definitely show all t of positively reaction but even at that we can not assettain what price bitcoin will reach from such even so best we should not assume anything as at this moment.

[Onyeeze]

If China or Russia support cryptocurrency especially Bitcoin, bitcoin going to be as it is today because it has already gathered influence even without these two countries to accept Bitcoin I think that bitcoin will continue to flourish because almost all the country now have a known what is Bitcoin and they have abandoned good and face the Investment of Bitcoin because they have already noticed the impact of Bitcoin investment I promise both China and Russia one day they will accept a Bitcoin as a leader tender not only accepting Bitcoin but make a legal tender

[Hallroom]

Cryptocurrency is a system where when one dominant country boycotts, investors in neighboring countries automatically start selling bitcoins. And bitcoin prices drop directly and pressure unique small investors. Maybe this is a strategy of big whale investors because this way they start buying bitcoins by startling the investors.

[bestcoins1]

Cryptocurrency is a system where when one dominant country boycotts, investors in neighboring countries automatically start selling bitcoins. And bitcoin prices drop directly and pressure unique small investors. Maybe this is a strategy of big whale investors because this way they start buying bitcoins by startling the investors.

What is a little surprising about this is that every time there is a price increase and price correction in Bitcoin, there is always news about a country like China which can somehow give rise to speculation on the Bitcoin price. Even though whale investors in that country can still invest like investors in other countries even if their own country doesn't support Bitcoin.

And I think whale investors are not stupid people when it comes to taking advantage of situations and conditions in order to still be able to gain profits in the way they do. Because it is not an obstacle for investors to continue investing in Bitcoin even though their country still does not support Bitcoin and things like this have actually happened very often in the past and are even still happening today even though some people may still not realize it.