Topic: Does Bitcoin even need China to have a $8.5 billion market cap? (Read 940 times)

China can kiss my pink butt

$8.5bn? people have no perspective of money these days. try counting out a billion dollars by hand. also I read today that just $20bn is enough to feed and provide shelter for every living human on this planet for one year.

The China story was media bs. Now they're bumping up India.

Oh lol I love these threads. The past month or so everyone was "EHMAHGERD CHINA IS DRIVING THIS SHIP TO THE MOON" and prices would go to 10k USD. And now that China is out of the picture, these delusional bulls are trying to spin it like "Meh maybe we don't need China". Know what that rieks of? Desparation.

I don't know what it'll take to knock some sense into you, but if China was responsible for the rise up, their buying power has just been _removed_, so expect sub 300 USD prices again.

For the rest, I'm definitely laughing at all these delusional bulls right now. Thank you for your money.

i do not know any chinese but i think they know their govt much better than i do. This move was very predictable for china and i think it won't stop them to invest. Now bitcoin just has to prove unstoppable (wich it is), investor will soon find the way to the bitcoin gold chest.

Yes, China is not completely out. It looks to me like the Chinese government is trying to send a message to its citizens about who is in control. Regulating Bitcoin in a similar way to precious metals is not a bad idea at all.

Besides, what Chinese businessman/woman wouldn't accept Bitcoin "under the counter"? I mean the Chinese already cheat on taxes big time. Not paying full taxes is endemic, and when you have the possibility to anonymously accept a speculative digital gold that "go to da mooon", it would make logical business sense (no taxes, hard currency) and it would be like gambling on a lottery ticket at the same time ("to da mooon").

So maybe you wouldn't be able to buy a coffee in a coffee shop openly with BTC (like in Berlin), but you could probably buy cars, jewelery, computers, basically anything that is relatively easy to trade in a gray market.

The second aspect of Chinese regulation is what comes next. Banning Bitcoin outright seems overly excessive and would be a deeply unpopular move. It's not unheard of for the Chinese government to do things that are deeply unpopular with its population, but the Chinese government is probably acutely aware that they don't have unlimited political capital, and if people start becoming really really unhappy they will be in trouble. So an outright ban is probably out of the question for quite a while.

If the regulatory status quo doesn't last for ever, the other option is that, after a while in the gray currency market, Bitcoin will slowly be phased in to the regular currency market with whatever regulatory headache that requires.

Actually we should count unused coins too.

This. And the real market cap is far lower than 8 billion due to lost coins and Satoshi's coins.

Also, it is now very clear that Chinese people can legally own bitcoin. OTC trade is also legal. So China is not completely out

$8.5 billion is the market cap at the moment.  It sucks that China are messing around stopping banks from investing in them and 3rd party exchanges etc, but does Bitcoin really need China to maintain the market cap.?

$8.5 billion is peanuts, and the price rise and increased press has only increased the number of places where people can buy and use Bitcoins.  Finland has it's first bitcoin ATM, in the UK people will be able to buy Bitcoins at almost every corner shop, Switzerland want to classify it as a foreign currency, Germany already have.  Cyprus have the first Bitcoin bank opening in a months time...
As a guide, the 100th biggest company in the world has a market cap of $70 billion, LinkedIn has a $25.5 billion market cap! Bitcoin has so much room to grow that it is unreal. 

I think if China wants out of the Bitcoin market, then fine.  Bitcoin has a bright future with or without them. I see $2000 next year no problems.