Topic: Chinese Government Plans Bitcoin Cap - page 2. (Read 1760 times)

Good point. But they should have squashed it at least a few years back. It's not so much about the current market cap that's been rising, but the universal adoption. Bitcoin is yet to become a household name obviously, but it is already quite big in terms of global perception.

reported to mods to move to market speculation / off topic.

half tempted to report it as spam

I wonder what well happen to bitcoin in the future.
Will it survive in the long run or not only time will tell

It's future potential, innit. Anyone with some foresight realises that Bitcoin has the potential to become a vast deal if it survives. Far easier to take measures now to deter the masses than when they're all balls deep in it.

Don't be impressed by this giant lie!

The whole Yuan market included with Shanghai and Shenzen is around 10 Trillion Yuan? And they really fear a marketcap of 11,2 billion Dollar of the bitcoin?

Greetz
Steve

Even if they have a point sometimes, it's only the nutters on here who believe that. Most people aren't going to park grandma's operation fund in Bitcoin.

The price tripled because of many factors. Governmental policies are likely to be minor factors at best.

These rumors have been debunked by reputable sources.... Do not look for any biased reporting to be done by Bloomberg, they have shown their

tendency to shill against Bitcoin. Have a look at this ---> https://news.bitcoin.com/reports-china-bitcoin-exaggerated/ .... China is riding the Bitcoin

wave at the moment, so it will be ridiculous for them to stop Bitcoin support now. It creates jobs { mining farms / exchanges ..... } Your start on this

forum is not very optimistic.  

i think it's only a coincidence, i don't think this has much to do with what you see in the price, not only chinese are buying bitcoin on the market, there many other people that can influence the price with the same magnitude

They will fall time after time. Everytime they have tried to stop bitcoin we have seen the results: the local markets have gone up in volume, look at the Russian rubble trading volumes all over the localbitcoin Russian section. Government doesn't understand bitcoin already won and they need to get with the program.

I wonder how will the government actually restrict Bitcoins from going abroad... They'd have to try and restrict the whole network. News like these have been news for years. The only think I've seen them make is limit fiat accounts from exchanges and that's pretty much all the control they can do.

I guess the news wants to associate the recent price hike to this... Maybe it can be a cause. Not the first time we've seen price rises on rumors or uncertain situations...

Bitcoin price has been on somewhat of a roller coaster ride over the past week. On Oct. 28, Bitcoin was trading at around $690 before taking off last Saturday, reaching $720 according to Bitcoin Average. Correspondingly on Oct. 31, Bitcoin fell below $700, only to rebound strongly yesterday, swelling to over $745.

Then the bottom fell out, as a free fall began, bringing Bitcoin price to the position it was at one week ago, losing 8% of its value. What is the cause of these fluctuations? China is Bitcoin’s epicenter and this leveling out of Bitcoin values may just be the beginning, as China has discovered this economic loophole and is beginning to plug this digital gap, potentially creating a market cap for Bitcoin speculators in the world’s number one Bitcoin market.

According to information obtained from ZeroHedge and Bloomberg Business, Chinese officials are considering introducing policies, including restricting domestic Bitcoin exchanges from moving the cryptocurrency to platforms outside the nation and imposing quotas on the amount of Bitcoins that can be sent abroad. This has largely been done to counter the rampant Chinese Yuan devaluations that have plagued 2016.

"Bitcoin has surged 21% since the end of September as the yuan’s decline accelerated, boosting speculation Chinese investors were buying the cryptocurrency as a hedge against further weakness,” according to Bloomberg Business.

Furthermore, Bloomberg sources state that:

“With the risk of quicker depreciation rising along with the odds of an impending U.S. interest-rate hike, policy makers are seeking to restrict outflow channels.”

It doesn’t take much to see that when the value of the Yuan, versus the U.S. Dollar, fall, Bitcoin transactions and price correspondingly rise. It appears that the People’s Bank of China and government officials have caught up and are beginning to implement countermeasures, although nothing has been enacted as of yet.

The Chinese economy has slowed from previously double-digit annual GDP growth, to its current position of which is half of that, with the government responding with Chinese Yuan currency devaluations and capital controls. Bitcoin has been seen as an effective counter by those who are looking to protect their wealth in the region, either traveling to Macau to purchase Bitcoin or using other offshore means, sometimes through Bitcoin exchanges.

Bitcoin price has since tripled over the last fourteen months, reflecting the economic policy changes in China to deal with the economic slowdown as well as the word-of-mouth about Bitcoin being an economic “safe haven.”