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.

[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.

[Ludmilla_rose1995]

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.

China has never announced that it fully supports cryptocurrencies, but what they have done by creating a digital yuan CBDC has made it clear that China supports the development of cryptocurrencies

China once made the bitcoin market red with their policy of banning all bitcoin mining in China but the miners were smart, they just moved to a nearby area of China

However, the view that China can influence the Bitcoin market in a big way must be removed, their influence on cryptocurrencies, especially Bitcoin, is not large, even though they are a country with a strong economy

[FinePoine0]

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.

Basically, the number of investors in large countries is high and whale investors are the only ones who ban Bitcoin and start buying when the price of Bitcoin falls. Bitcoin whales using this type of strategy will buy massive amounts of Bitcoin because the halving is so close. However, there is a high probability that Bitcoin price will move lower to a minimum of $59k. Already we are starting to reach the bull run.  There will be a high probability that the price of Bitcoin will rise to the highest level.

[rodskee]

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.

Like what said by others Bitcoin and cryptocurrencies aren't completely banned in China but
the Mining of bitcoin is what they banned and yeah for this what are your main thoughts here?bitcoin
nd crypto are being used by their people so with that not sure what increase are you asking here.
because bitcoin is performing well even with this mining banning.

[fuguebtc]

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.

China has never announced that it fully supports cryptocurrencies, but what they have done by creating a digital yuan CBDC has made it clear that China supports the development of cryptocurrencies

China once made the bitcoin market red with their policy of banning all bitcoin mining in China but the miners were smart, they just moved to a nearby area of China

However, the view that China can influence the Bitcoin market in a big way must be removed, their influence on cryptocurrencies, especially Bitcoin, is not large, even though they are a country with a strong economy

I know that we don't have much sympathy for countries that ban bitcoin , and China is one of them. But we should not deny their influence and impact on bitcoin . They once caused difficulties for the cryptocurrency market when they issued a ban on bitcoin mining, although bitcoin itself recovered after a while . But that means they have a significant impact on the market and if they change their mind and support the market it will bring huge impacts no less than what the US market brings .

[btc_angela]

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.

China has never announced that it fully supports cryptocurrencies, but what they have done by creating a digital yuan CBDC has made it clear that China supports the development of cryptocurrencies

China once made the bitcoin market red with their policy of banning all bitcoin mining in China but the miners were smart, they just moved to a nearby area of China

However, the view that China can influence the Bitcoin market in a big way must be removed, their influence on cryptocurrencies, especially Bitcoin, is not large, even though they are a country with a strong economy

I know that we don't have much sympathy for countries that ban bitcoin , and China is one of them. But we should not deny their influence and impact on bitcoin . They once caused difficulties for the cryptocurrency market when they issued a ban on bitcoin mining, although bitcoin itself recovered after a while . But that means they have a significant impact on the market and if they change their mind and support the market it will bring huge impacts no less than what the US market brings .

Their influence was wane down throughout the years, if this is 2018, maybe we will believed that they have huge impact on the market. But when they ban mining and then attack Bitcoin itself like the debate on the mining's effect on the environment, enthusiast totally removed China as the main influencer. And we have seen some miners moving out as well and relocating even to US because of their hard stance.

So even if they make a U-turn today, it won't make any significant effects. The thing with Bitcoin enthusiast is that we won't forget what personalities or what countries in this case has done for the market, specially if it is very negative and once we forget them, that's it, no amount of news will change our stance for them.

[Reid]

I don't think that's the case. Cryptocurrencies are available to them, heck, even memecoins are available and they can buy it from local cryptocurrency services.
It is what it is now because they didn't ban it. So do not expect and major pump or dump because there's really nothing to change unless they hype something up and let people know that they are buying a cryptocurrency nationwide.
Sometimes we are too pessimistic about the position of China in cryptocurrency but it could be that you are fed with wrong news which goal is to make them look bad.

[Nrcewker]

It’s officially banned, but I am sure many of the Chinese people are using Bitcoins. Thanks to the decentralised nature of the coin, for which they are able to use the coins without any other person’s notice. But yes if it is made legal then definitely it will help to boost the price of the coin. China has huge population, and many will show interest to invest in the coin if made legal. This will increase the demand to accumulate the Bitcoins, and we know when the demand increases, the price also goes up to fulfil the demand.

[skarais]

It’s officially banned, but I am sure many of the Chinese people are using Bitcoins. Thanks to the decentralised nature of the coin, for which they are able to use the coins without any other person’s notice. But yes if it is made legal then definitely it will help to boost the price of the coin. China has huge population, and many will show interest to invest in the coin if made legal. This will increase the demand to accumulate the Bitcoins, and we know when the demand increases, the price also goes up to fulfil the demand.

At first glance you seem to have missed posts #2 and #3 on the first page. China does not completely ban bitcoin or cryptocurrencies, but they do ban the mining industry. Personally I don't think people in China have been banned from using, investing and trading bitcoin and altcoins, but since the news of the mining ban broke then China doesn't seem as supportive of bitcoin and others.

If China legalizes bitcoin and lifts the ban on mining, then I can say the price of bitcoin will skyrocket. The news will be fundamentally positive which in turn will arouse the interest of many people to buy, trade and invest comfortably, but I am not sure when China will legalize and lift the ban.

[el kaka22]

I believe that we are going to end up with a lot of trouble if we are not careful about it. China being in the crypto world doesn't mean that it will be a great thing, it could be a good thing but it could be a terrible thing too. So, we need to be careful about it. I personally believe that we should keep China out of crypto world and we should probably consider that as not a good thing.

If we keep trusting China to do good by crypto then we are going to end up with nothing but disappointment. Sure, if they get in and like it for a while then the price will go up in every coin, but then we are going to end up with nothing good when they leave once again. So, it is better for them to stay out, than get in and get out.

[moneystery]

from what i know, china only bans crypto mining in their country, but they have never banned their citizens from being able to transact/trade crypto. maybe many people spread misleading news regarding the use of crypto in china, but so far it has never been banned there. because in reality there are 90 million people who use crypto there, and that is quite a large number globally.

but it is true that supporting crypto is quite difficult for a country as big as china, because after all, when a country supports the use of crypto, it will have implications for their economy and china is quite protective of their economy. therefore we may not see chinese government support for crypto, but that does not mean the use of crypto is prohibited there.

[2Pizza410000BTC]

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.

Not only in terms of money, but also in terms of population and other forces, China is one of the most powerful countries in the world. We heard that once the Chinese government accepted Bitcoin, Bitcoin rose quite well, but after it was accepted, they banned Bitcoin again, causing Bitcoin to be dumped a lot. But if the Chinese government accepts Bitcoin as legal tender again in their country, I think Bitcoin will go up a lot. But in the future the Chinese government may accept cryptocurrencies because they got a taste of Bitcoin by accepting Bitcoin. I hope China will accept Bitcoin for sure. Right now, if the Chinese government accepts Bitcoin, the price could go from $80,000 to $90,000, that's my guess.

[Kelward]

But I don't think that will actually happen because China is all about control, and Bitcoin is about freedom.

I understand that China, has not totally banned cryptocurrency, it's only mining that is illegal in that country, although I'm not familiar with the laws regarding their crypto usage, I however agree that if there's a total adoption and liberty to use Bitcoin, it'll make impact. China, has the population to drive Bitcoin adoption to the next level, it can also make the demand to become higher which will make price to increase. But there's a clause to Bitcoin massive adoption in China, because as you've noted, they're more of a secretive and controlled economy, which is a total opposite of what Bitcoin represents, decentralization and freedom.

[davis196]

I'm not familiar with the current state of Bitcoin/crypto in China, but there are several things you should take into consideration.
1.If China becomes aggressively "pro-crypto", the USA/western world could become more anti-crypto and ban cryptocurrencies(or impose heavy regulations). Even if China "supports" Bitcoin, this might be neutralized by the USA/European Union banning Bitcoin.
2.Do you remember several years ago, when China had the biggest concentration of crypto miners in the world? Do you remember all the FUD, that was coming from China? We don't need this sh*t again. Maybe it's better for the crypto world to have a China, that isn't crypto-friendly.
3.The Chinese government and central bank will never support Bitcoin. They will support their "digital yuan" CBDC.

[Kamasylvia]

If China were to support the crypto market, it could have a significant impact on Bitcoin's price. China is home to a large population and has a sizeable influence on global economic markets.

Support from China could potentially result in a surge in demand for Bitcoin and other cryptocurrencies. This increased demand, coupled with limited supply due to the fixed supply of Bitcoin, could potentially drive up its price.

Who Knows?

[Porfirii]

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.

You are right, I remember 2017's "China Ban" and the many memes that flooded Twitter back then about the so many times Bitcoin had been killed before. Article in Forbes.

Ironically, it happened just before the bull run and new ATH, so those who panic sold their Bitcoins regretted it later. Anyway, as others said, the ban wasn't about hodling so afaik China never completely banned Bitcoin.

Answering to your question, if China fully supported Bitcoin I don't think that it would be something positive per se, because it would almost definitely mean that it wouldn't be pseudonymous anymore.

[Essential10]

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.

China is a large economically prosperous country and the second most populous country in the world. Although it is my opinion that if China accepts Bitcoin, the popularity of Bitcoin will increase. South Asia has the largest population in the world and China has built an alliance to business in those regions an export-import process. Chinese products are also used in almost all countries of the world. By facilitating Bitcoin transactions in this commercial area, Bitcoin will gain a lot of usage and popularity. I don't know if the Chinese government will accept Bitcoin in the future or not. However, if the Chinese government had accepted Bitcoin at this time, then the price of Bitcoin would have risen more, maybe it would have gone above $90k.

[fuguebtc]

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.

China has never announced that it fully supports cryptocurrencies, but what they have done by creating a digital yuan CBDC has made it clear that China supports the development of cryptocurrencies

China once made the bitcoin market red with their policy of banning all bitcoin mining in China but the miners were smart, they just moved to a nearby area of China

However, the view that China can influence the Bitcoin market in a big way must be removed, their influence on cryptocurrencies, especially Bitcoin, is not large, even though they are a country with a strong economy

I know that we don't have much sympathy for countries that ban bitcoin , and China is one of them. But we should not deny their influence and impact on bitcoin . They once caused difficulties for the cryptocurrency market when they issued a ban on bitcoin mining, although bitcoin itself recovered after a while . But that means they have a significant impact on the market and if they change their mind and support the market it will bring huge impacts no less than what the US market brings .

Their influence was wane down throughout the years, if this is 2018, maybe we will believed that they have huge impact on the market. But when they ban mining and then attack Bitcoin itself like the debate on the mining's effect on the environment, enthusiast totally removed China as the main influencer. And we have seen some miners moving out as well and relocating even to US because of their hard stance.

So even if they make a U-turn today, it won't make any significant effects. The thing with Bitcoin enthusiast is that we won't forget what personalities or what countries in this case has done for the market, specially if it is very negative and once we forget them, that's it, no amount of news will change our stance for them.

Their influence has not diminished, it's just that the cryptocurrency market has adapted to not needing the Chinese market . But I believe that Hong Kong's approval of a bitcoin ETFs is related to China, and many people are also very happy and supportive of this. So , I don't think bitcoin or cryptocurrency market enthusiasts will reject China if they intend to return .

China is the second largest economy in the world, I do not believe that if they openly support cryptocurrencies the market will not react. Like I said, we hate them but we can't deny their influence .

[YOSHIE]

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

I speculate that if China adopts Bitcoin or makes laws regarding the legality of crypto, I don't think it will have an impact on the price of Bitcoin, Bitcoin remains at the volume and graph determined by the market.

Why do I say it has no influence and impact, even though China supports crypto.
The reason:

Bitcoin was created as an electronic money solution that is not managed or regulated by a single institution or authority. Because of its nature, Bitcoin is also called a decentralized currency.
Unlike ordinary ones, Bitcoin is not regulated by banks and can be used by anyone for transactions.

For the reasons above, I can speculate that no government or country can regulate crypto/Bitcoin at this time, the reason is clearly stated in the quote above, if you understand it.

Never mind China, other super power countries, if they do the same thing as China, I don't think it will matter, Bitcoin is Bitcoin, without intermediaries and no one can regulate the price.

[mirakal]

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.

We all know China is a greedy and manipulative country, but I don’t think they will continue to resist bitcoin when majority of the big countries are already into it. Most probably, they will also support bitcoin as well that may lead into a high price surge for bitcoin.

Bitcoin, although it’s being banned in mainland China but still, some traders are still able to continue trading and operate it in grey areas, which means they’re not actually completely prohibiting bitcoin existence in their country. With this, we can still see small hopes that China will eventually fall into the trap of bitcoin.

[Cryptoprincess101]

Most of these countries that banned cryptocurrency has citizens that are very much active in the crypto industry so no matter how strict the government goes on individual that are involved in crypto, some citizens will still find there way out because crypto is freedom and I believe everyone needs freedom despite the government taking some hard decisions, people will still choose to be free rather than being under manipulations of the government.

China is an influencial nation that swims in good economy and have a good economic system so if their government decides to lift the ban and a lot of Chinese ventures into Bitcoin investment or mining it will for sure have impact in the price of Bitcoin because when there is so much in-flow in the market, the prices also skyrockets.

[GigaBit]

At different times, different countries adopt different policies as strategies. China announced a ban on crypto as an autocratic tool. But they have come back from that position. Their citizens can use Bitcoin. Although the government does not want its people to use Bitcoin. However, I believe that countries that were already banning crypto will allow crypto to be accepted again. When most people in the world are heavily encouraged to use crypto will never try to isolate themselves from the rest of the world. Countries are slowly starting to legalize Bitcoin. El Salvador is now even more excited about Bitcoin. I think all those countries who decide to ban crypto should follow El Salvador.

[jaberwock]

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.

We all know China is a greedy and manipulative country, but I don’t think they will continue to resist bitcoin when majority of the big countries are already into it. Most probably, they will also support bitcoin as well that may lead into a high price surge for bitcoin.

Bitcoin, although it’s being banned in mainland China but still, some traders are still able to continue trading and operate it in grey areas, which means they’re not actually completely prohibiting bitcoin existence in their country. With this, we can still see small hopes that China will eventually fall into the trap of bitcoin.

They might, they resist democracy and letting people decide for their own good, so why would they let bitcoin be something different? Think about it, we are talking about a nation that can't vote who to elect, not that the ones who vote to elect their own president pick the right people, we have seen so many nations with terrible presidents, so giving people a right to vote doesn't always look good lol, but that freedom is literally the simplest human right ever in the world and they do not even let that, sure they are a very powerful nation, but that doesn't mean that they are keen on freedom, go ahead and gather 10 people together to protest the president, they wouldn't even find your bones. Hence, saying bitcoin could be allowed, is naive. It would be allowed if party wants it, if not, they won't.

[KingsDen]

Op, China did not completely ban bitcoin and cryptocurrency. Rather what they did was to ban Bitcoin mining and not bitcoin transaction. That is to say that bitcoin transaction is not illegal in China. I have also noticed something in this cryptocurrency industry, and I noticed that with Elon Musk. When Elon smartly took advantage of the cryptocurrency industry to make himself much more money, the crypto enthusiasts thought that he was doing good thing for us but in the end he betrayed. If Elon Musk returns again in the cryptocurrency industry and announce that his Tesla and himself has adopted bitcoin for the second time I am not sure it's going to make wave because people are used to his tactics.
Same thing applies to China, if they announce that the country can now accept Bitcoin mining, surely some miners will relocate to China but the effect will not be massive in the industry.

[Maus0728]

As others like @KingsDen has pointed out, it's not bitcoin that they've banned but the mining and doing transactions with it that was banned in China, would've been more different if that was the case for bitcoin. But let's say that your hypothetical scenario's real, that China did support bitcoin openly, we're going to see a massive price spike because bitcoin would definitely be bought by a lot of people and Chinese people are known to follow through hypes which makes them always the big market for a lot of products and such, but that spike is going to be followed probably by something ominous, with China on the open about their cryptocurrency adoption, that would only mean that they've found a way to manipulate the market to favor the CCP if not the Chinese people in the bitcoin market, I don't when it's going to happen but it will probably happen when all of China does do the right thing and accept bitcoin despite not being able to control it like how they and others control other markets.

[lixer]

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.

Not only in terms of money, but also in terms of population and other forces, China is one of the most powerful countries in the world. We heard that once the Chinese government accepted Bitcoin, Bitcoin rose quite well, but after it was accepted, they banned Bitcoin again, causing Bitcoin to be dumped a lot. But if the Chinese government accepts Bitcoin as legal tender again in their country, I think Bitcoin will go up a lot. But in the future the Chinese government may accept cryptocurrencies because they got a taste of Bitcoin by accepting Bitcoin. I hope China will accept Bitcoin for sure. Right now, if the Chinese government accepts Bitcoin, the price could go from $80,000 to $90,000, that's my guess.

Facts! I think if I'm not mistaken, they are in top 3 but that number is already great and maybe time will come that they will now outsmart other countries. Even though China accept and ban BTC, I believe that many people still have benefited from it but I can only feel sorry for those who lose their money because they can never recover it anymore but who knows?

Maybe BTC will be re-accepted in this country again. BTC is the most legit crypto but if they can add other cryptos, what can we do? Maybe BTC can still benefit with that. We are now close $80k and after it $90k would be next but by time China adopt cryptos, maybe we are now at $200k+.

[South Park]

As others like @KingsDen has pointed out, it's not bitcoin that they've banned but the mining and doing transactions with it that was banned in China, would've been more different if that was the case for bitcoin. But let's say that your hypothetical scenario's real, that China did support bitcoin openly, we're going to see a massive price spike because bitcoin would definitely be bought by a lot of people and Chinese people are known to follow through hypes which makes them always the big market for a lot of products and such, but that spike is going to be followed probably by something ominous, with China on the open about their cryptocurrency adoption, that would only mean that they've found a way to manipulate the market to favor the CCP if not the Chinese people in the bitcoin market, I don't when it's going to happen but it will probably happen when all of China does do the right thing and accept bitcoin despite not being able to control it like how they and others control other markets.

Another scenario I can imagine for the possibility of China giving its full support to bitcoin is that they have found a way to weaponize it and use it against their adversaries, after all it is not a secret that China is not happy with the dominance of the dollar, but at the same time despite their best attempts to change this, the dollar remains strong, so it is possible the politicians there in their quest to weaken the dollar may think of bitcoin as an option they could use to do this, and if they discovered a method to effectively do it, I think they may give their full support to bitcoin, at least for a time.

[Russlenat]

At different times, different countries adopt different policies as strategies. China announced a ban on crypto as an autocratic tool. But they have come back from that position. Their citizens can use Bitcoin. Although the government does not want its people to use Bitcoin. However, I believe that countries that were already banning crypto will allow crypto to be accepted again. When most people in the world are heavily encouraged to use crypto will never try to isolate themselves from the rest of the world. Countries are slowly starting to legalize Bitcoin. El Salvador is now even more excited about Bitcoin. I think all those countries who decide to ban crypto should follow El Salvador.

You know, there are times that countries are blinded with wrong concepts and perspectives. And they have been blinded in the first place that bitcoin is a big Ponzi scheme that will only ruin the funds of the citizens. And banning would be their first defense. And just like other countries, China is not an exclusion and is even known to be more judgmental about bitcoin. Simply because if they can’t control its existence, at least they can ruin it and stop its future development.

But what is happening is the total opposite. Other countries have been eager in legalizing bitcoin and I think China in the future will follow the same path. And when that happens, knowing how big and influential China is, that will surely create a huge positive effect on bitcoin. Regardless of how controlling the China government is, for me that would never be a problem, the biggest problem would be if they will be leave behind by other progressive countries due to bitcoin adoption denial.

[OgNasty]

We’ll get a good idea about what sort of support will be coming from China on April 30th and the days thereafter when we see what sort of money flows are going to be generated from their new ETFs. I suspect we won’t see what we’ve seen here in the US as far as demand initially, but as more and more investors get access to BTC, the price will inevitably rise.

[MiF]

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.

If china support BTC the price will surely rise up high because china is a big and modern country if they use bitcoin for thier transaction the demand will surely rise and it will cause a high demand which result to higher price even today the price is rising how much more if there's a big country that support btc.

[Marvell1]

We’ll get a good idea about what sort of support will be coming from China on April 30th and the days thereafter when we see what sort of money flows are going to be generated from their new ETFs. I suspect we won’t see what we’ve seen here in the US as far as demand initially, but as more and more investors get access to BTC, the price will inevitably rise.

The US is the world's largest financial market and also the world's financial center, so no country will have greater influence than the US market. What we are waiting for is that the Chinese market will increase the number of traditional investors in bitcoin, from which the popularity of bitcoin will spread further and will impact the price of bitcoin. Hopefully we will receive good news as well as positive impacts when ETFs are traded from the end of this month.

[Distinctin]

We’ll get a good idea about what sort of support will be coming from China on April 30th and the days thereafter when we see what sort of money flows are going to be generated from their new ETFs. I suspect we won’t see what we’ve seen here in the US as far as demand initially, but as more and more investors get access to BTC, the price will inevitably rise.

And having China in the process that will come to support bitcoin as well, I really think that will leave a huge impact for bitcoin price. So let’s just wait and see as to how far they’ll show support in the next days ahead. Meanwhile, it’s obvious that US still gains the biggest effect for bitcoin when it comes to its demand, but having China as well as an influential country, surely it will also create a positive effect on bitcoin’s price and its general demand.

[goaldigger]

We’ll get a good idea about what sort of support will be coming from China on April 30th and the days thereafter when we see what sort of money flows are going to be generated from their new ETFs. I suspect we won’t see what we’ve seen here in the US as far as demand initially, but as more and more investors get access to BTC, the price will inevitably rise.

And having China in the process that will come to support bitcoin as well, I really think that will leave a huge impact for bitcoin price. So let’s just wait and see as to how far they’ll show support in the next days ahead. Meanwhile, it’s obvious that US still gains the biggest effect for bitcoin when it comes to its demand, but having China as well as an influential country, surely it will also create a positive effect on bitcoin’s price and its general demand.

Having more ETF approved can attract more investors and with China in the market we might see a more bullish trend than expected. The US government are still trying to manipulate the market fortunately they can’t because of too many whales around the world, and other countries are starting to recognize crypto as well. Bitcoin will be more bullish in the coming days as halving is over and the good news are coming in.

[Nothingtodo]

China is the world's most populous country with one fourth of the world's people living here. China has a large share of Bitcoin investment so the Bitcoin ban and acceptance will cause major changes in the Bitcoin market. If China opens up Bitcoin acceptance to everyone, there will be significant changes in the Bitcoin market and Bitcoin may break all its past records and reach $100-150k.

[freedomgo]

Op, China did not completely ban bitcoin and cryptocurrency. Rather what they did was to ban Bitcoin mining and not bitcoin transaction. That is to say that bitcoin transaction is not illegal in China. I have also noticed something in this cryptocurrency industry, and I noticed that with Elon Musk. When Elon smartly took advantage of the cryptocurrency industry to make himself much more money, the crypto enthusiasts thought that he was doing good thing for us but in the end he betrayed. If Elon Musk returns again in the cryptocurrency industry and announce that his Tesla and himself has adopted bitcoin for the second time I am not sure it's going to make wave because people are used to his tactics.
Same thing applies to China, if they announce that the country can now accept Bitcoin mining, surely some miners will relocate to China but the effect will not be massive in the industry.

We won’t expect massive effect at first but eventually, if China will accept bitcoin mining for good, then I really believe that could leave a huge impact to bitcoin price. Same like Elon, knowing how rich and influential his name is, still it will create a positive effect on the crypto market.

Now, going back to China, if they will support bitcoin and all its transactions, not only it will lead to a huge price increase but it will also pave way for a future adoption with bitcoin and its crypto space.

[Iranus]

Op, China did not completely ban bitcoin and cryptocurrency. Rather what they did was to ban Bitcoin mining and not bitcoin transaction. That is to say that bitcoin transaction is not illegal in China. I have also noticed something in this cryptocurrency industry, and I noticed that with Elon Musk. When Elon smartly took advantage of the cryptocurrency industry to make himself much more money, the crypto enthusiasts thought that he was doing good thing for us but in the end he betrayed. If Elon Musk returns again in the cryptocurrency industry and announce that his Tesla and himself has adopted bitcoin for the second time I am not sure it's going to make wave because people are used to his tactics.
Same thing applies to China, if they announce that the country can now accept Bitcoin mining, surely some miners will relocate to China but the effect will not be massive in the industry.

We won’t expect massive effect at first but eventually, if China will accept bitcoin mining for good, then I really believe that could leave a huge impact to bitcoin price. Same like Elon, knowing how rich and influential his name is, still it will create a positive effect on the crypto market.

Now, going back to China, if they will support bitcoin and all its transactions, not only it will lead to a huge price increase but it will also pave way for a future adoption with bitcoin and its crypto space.

I don't see Elon leaving the crypto market, he doesn't mention bitcoin or dogecoin much on X because he knows this is not the right time. His influence will be even stronger since owning X, not lost as many people think and he knows how to make money in this market, I believe he will not give it up suddenly easy.

China has disappointed us in the past with its ban on bitcoin mining but we should not deny their influence if they actually return to the market and support it. They are one of the countries with the second largest economy in the world and once they participate in any field, it will have a significant impact, not just a small market like cryptocurrency. I also believe that if the Chinese market becomes more crypto-friendly, we will soon see strong growth of the entire crypto market.

[Psynthax]

you will find out when it is the time, all of prediction here are just prediction, we don't know for sure how much flow of money china gonna contribute towards the growth of crypto if they truly intended to accept it.

to be frank, we don't even sure if they gonna really accept and support it for real or not, until the time we get to see they finally support crypto then everything is uncertain.
we should be talking more about the ETF anyway, many countries are already approving crypto and creating their own ETF and approving it, it might be the catalyst for overall crypto growth.
i will be lying if I say that these ETF kinda have low impact but thats exactly why we should be more focused on this, since it allow crypto to be exposed to entire world liquidity and legally regulated at that.