@Lucius. No one is blaming China hehehe. I only said it can be argued that if China did not begin the not fud ban on bitcoin mining and the ban on exchanges under their jurisdiction, the price of bitcoin might not have dumped below $45k and bitcoin might have continued to $100,000.
Back in 2019, China announced that some industries that, according to their estimates, consume too much energy and are big polluters (including crypto mining) will be liquidated, why did people wonder when this really happened? And why do you even mention banning crypto exchanges in China, it is a thing at least 5 years old that had no impact on the price in 2021. $100k is such an insignificant number and complete nonsense that it has become an obsession for so many people who now blame everyone and everything for not getting rich last year.
Also, are you telling us that the bull market has ended? Where do you predict the bottom price for bitcoin?
It is possible that the bull market is over, 50% correction in the price of ATH suggests that this is the case - although we will be able to say it with certainty in a few months. But that's just my opinion and by no means financial advice - and as for the bottom price, I may have written something lately, so if you're interested you can always check out my post history.
I was only arguing that if China’s crackdown during 2021 only occured as fud, the miners would not have dumped their coins, the large exchanges left operating in China would have not have disallowed Chinese citizens from their platforms and we would remain having those Chinese investors pump the market.
2021’s crackdown was not similar to the
crackdowns before this. That was why we had what was called the
China fud because there was no hard enforcement. China’s ban of 2021 however was not fud. It really drove the miners and the exchanges away.
I also read that you speculate $2X,000 might be a possbility. I agree! It is good to see everyone beginning to witness the reality of the situation. The market is overleveraged and there will always be a funding reset.
Sooner or later bitcoin will have to face this issue though. The amount of electricity the miners are using will eventually gather attention and nothing good will come out of it.
I thought that people on this forum are at least a little more aware of the real situation when it comes to the amount of electricity currently used by crypto miners. Even if that amount increases x5, it would still be extremely foolish to even mention it in the context of any serious problem - a picture speaks a thousand words - the credit goes to our member
@fillippone who long ago shattered that myth to pieces.
Show this information to any concerned scientist, ecologist, politician or banker, and if after that he continues to persist in the idea that Bitcoin is destroying the environment, there is no doubt that you can classify it as one of the world's greatest fools.
I speculate why they do this is more for their polical agenda. However, the difficulties of the transition to renewable energy might also be another reason. China is also presently beginning to target crude oil and they might lower imporation similar to what they did to their coal importations.
Top Chinese state-owned conglomerates are having to reevaluate their oil-related operations as the country moves to implement President Xi Jinping's vision for achieving zero net carbon emissions by 2060.Source https://asia.nikkei.com/Business/Energy/Chinese-state-groups-write-off-assets-as-future-of-oil-dims
