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

[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.

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[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.