All Chinese banks dealing with bitcoin exchanges will eventually close their relationships with them and the industry will go oversees. In China there are capital controls, so no big Chinese fiat injections anymore. In addition, there are fees involved in transferring money oversees and people will have trust issues with places like BTC-e. And lastly, it's too much of a hassle for most ordinary Chinese.
You can say goodbye to Chinese induced moon prices.
And chinese can only send max $50000/year abroad.
I'm sorry but what makes you think it is "ordinary" Chinese people buying bitcoin? If that were true, I doubt a $50000 limit on transferring funds out of China would be a problem since no "ordinary" person would have that much to invest anyway. And for the big investors, well do you think they can't just pay people to move around funds? I know several Chinese nationals, right here in the U.S. that have millions of dollars already outside China. Many Chinese professionals who have the big bucks move in and out of China and even live outside of China, owning property all over the world.
This is the argument I keep hearing:Bitcoin is done because:
Chinese investors will give up because of a hassle....... really.
$50000 will be the only money they have access to. .... I disagree, but even if so... do some math please. How many infusions of 50000 would it take to send BTC to "moon" prices?
Well if a million people from China (out of a billion) spent 50000 for BTC there would not be enough BTC to go around at current prices. This would be 50 Billion dollars. Bitcoin would have to be priced at $2400 if they were the only people in the world buying bitcoin. Now think about it. Will a million people want to buy 50000 worth of bitcoin at some point? Well that means $2400 BTC, even if not from China. And this is assuming 21 million BTC exist, which they don't yet. So this is extremely conservative. Holy shit.... we may see $10000 sooner than even I thought.
