I think what we can conclude from this information is that Bitcoin is already a huge winner, because people in China want it and the government has to do all kinds of weird gymnastics to even influence it.
It's absolutely beautiful that the Chinese government itself is causing the very price dips that they are purportedly working to protect their citizens against! It couldn't be more obvious this is 100% about CNY vs CNH and capital controls, though wrapped in rhetoric about "speculation" and "gambling". It makes sense too within the auspices of their system, you simply can't have a domestic Bitcoin market circumventing capital controls, but watch once the Chinese exchanges only use the offshore currency, suddenly the PBOC has no problem with anything.
It's not just the Chinese government that once the price of BTC lower. Institutional investors won't get on board until it's lower than we are now.
Like the Canadian shill guy said, why buy it $450 when early adopters got it for pennies.
I'm pretty sure the Canadian shill is just some loser and does not represent the prevailing opinion of institutional investors. Bitcoin has an enormous upside across multiple gigantic use cases, yet somehow institutional investors are pissed that people other than them got to buy in sub-$1? Honestly that's how dummies think. There were people who said exactly the same things about double-digit Bitcoins, except these weren't institutional investors, they were just random yahoos on the internets who believed somehow they missed it, and nothing apparently is worth getting involved in unless it's a lottery-sized windfall. This is not how professional investors think, this is how unsuccessful people think, to paralyze themselves from acting in any situation, and cultivating envy.
