How much impact will China allowing crypto again have on Bitcoin?

bittraffic

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By what the article is saying means by June 1 is the first day where they will allow exchange registration for license.

But there are already local exchanges operating in Hongkong, therefore they are already trading for a long time. Unless those local exchanges only list certain coins, it will be good to have more coins from international exchanges.

Quote

Crypto trading companies that are already operating will have nine months starting from the first of June to apply for a license, or else they must cease all operations, CCTV said.

Z390

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It still won't change anything, this is nothing but a hope, and we can still be in this bear market for a long time, I've seen many news like this in 2019 and nothing changed for a long period of time, back then, I also believed that it could have a good effect on Bitcoin but I was wrong, do not expect anything, invest what you can afford and have the patience to see your hard work get paid.

Many countries need to do the same, the US plays a major part in the crypto space, and most of my friends are from the US, I believe that if the US was the one that did what China/Hong Kong did it will have a very effective impact, more than this China news.

Bitstar_coin

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Whether it is mainland china or Hongkong that have license the crypto exchange to operate legally don't matter as much as the fact that the government of either of them has finally made it official for the people to trade crypto legally.
This is what most countries are looking forward to, the ability of every crypto user to buy and sell crypto legally without worrying about the government and its agencies. This is definitely a plus to the crypto space and will most likely affect crypto positively in the long run.

serjent05

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Quote from: JamesDaniel90 on May 25, 2023, 04:45:10 AM

https://blockworks.co/news/china-central-television-spotlights-crypto

This is good news right? Are we expecting big moves for Bitcoin or will it take a while?

I think it is the Hongkong government that licenses a crypto exchange and not mainland China. It would be misleading if we state that the mainland Chinese government decided on this event but the truth is the Hongkong government decided it. It may bring good news but I do not think that Bitcoin market will move because of that. As far as I know hongkong had been open minded about cryptocurrency so their licensing of an exchanges is only the result of their positive view about Bitcoin and since they had been Bitcoin friendly for years, it will not give a huge impact on the market. Unless someone influential make the news a catalyst to create a bullish run in the next days.

death69

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Boy oh boy, the gears in Hong Kong are shifting, laying down the law on crypto exchanges, and it's nothing short of a spellbinding saga! Don't forget, "regulation" isn't synonymous with "party pooper"; it's more like the master of ceremonies, legitimizing and stabilizing the bustling bazaar.

That being said, let's not forget to navigate the labyrinth that is the Chinese market. Sure, this might seem like a monumental move, but remember the "one country, two systems" mantra. Changes in the bustling streets of Hong Kong aren't a magic wand that wave alterations into mainland China's policy.

Regarding Bitcoin's waltz on the price chart, it's a mouthwatering spectacle. However, we must remember that the crypto scene is a high-stakes poker game, with a crazy number of wild cards. This latest episode might kick off a bull run, but the market could've already factored this news into Bitcoin's market cap. So don't expect your portfolio to shoot for the stars overnight!

kaseygriffin

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The positive effects of China's adoption of cryptocurrencies and their potential benefits for Bitcoin. This impact can affect market sentiment and potentially lead to price movements. But it is undeniable that China has seen the benefits that bitcoin brings to the economy, although they are not great. That is enough for now. In addition to greatly benefiting from China's policy, projects are also supported and promoted further. While there are still some doubts about China's problem with bitcoin, it must be affirmed that this shows the positive attitude of a major power when it comes to bitcoin recognition.

Eternad

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Quote from: Dunamisx on May 25, 2023, 05:15:09 AM

Quote from: JamesDaniel90 on May 25, 2023, 04:45:10 AM

This is good news right? Are we expecting big moves for Bitcoin or will it take a while?

We aren't dependent on china for bitcoin massive adoption allover the world, China is only high in population but nothing to be compared to the entire world population, also they aren't the ones controlling the economy or dictating, let's not get the whole idea wrong here, China itself is not accepting bitcoin, but it was the news radio station in China that serve a carrier of this information, maybe anything may show forth from their side about bitcoin and which is still obvious that China is not ready for anything change on it stand about cryptocurrency.

I beg to disagree on this. What’s the sense on comparing the rest of the world population to the number populated country if we are talking about mass adoption. The rest of the world is spread in different country/continent while China is just a a single country which their people strictly follow their Government. Mass adoption can be obtained on China rapidly compared to the rest of the world since they are united on whats the Government suggested.

Getting China once again will surely boost crypto market since there’s a lot of the big players on crypto residing on China that is just being restricted by the government. The only possible repercussions on China joining with us again is the on and off FUD news about their stand on crypto.

avikz

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Quote from: JamesDaniel90 on May 25, 2023, 04:45:10 AM

https://blockworks.co/news/china-central-television-spotlights-crypto

This is good news right? Are we expecting big moves for Bitcoin or will it take a while?

Hongkong and China are two different nations. Even though Chinese military claims their ownership on Hongkong, a large population of Hongkong citizens do not agree with such claims. But keeping politics aside, if Chinese people are again allowed in the crypto market, that won't be a good thing. Chinese are known for their expansionist mentality and also for creating a copy of everything. They will create another MTgox scam and loot away billions of dollars worth of bitcoin. They should just create a copy of bitcoin and use it internally.

Honestly I am against adding Chinese people from mainland China into this crypto network.

Frankolala

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This is good news and the only impact that I see it will add to bitcoin is that it increase bitcoin adoption and put confidence on those people that thinks bitcoin is a scam or will fail. China has seen it that if they don't embrace the adoption of bitcoin,they will lose of out the potential benefits from bitcoin and it will also make their citizens not a have proper education on bitcoin blockchain network.

This is how so many countries that have banned wouldn't have any other option that to uplift the ban because Bitcoin is the future's valuable assets that will always resist inflation. China government is back to its sense of financial management. This might pump bitcoin price a little because so many Chinese might use this opportunity to accumulate more bitcoin for themselves since it is now legal.

Tytanowy Janusz

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I personally am much more skeptical about this news. "China ban crypto" fud was very popular back than starting from 2017.
The Chinese government has repeatedly talked about a ban, or reminded of a ban, or reminded of penalties, etc. It was always at a local dip to trigger an additional supply move up until everyone got bored of it and started ignoring the news. I'm afraid it might be the other way around now. Good news from China in the local top for additional demand.

KiaKia

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This is just a part of the good news that will give confidence to Bitcoin investors around the globe, do not expect too much, it's just good news and we need more, I would like if this comes after Bitcoin halving event but never mind, we still good, 2024 will be full of good news, it always happens after a long term bearish took place.

China does have a high population but not every citizen of the country will be a crypto investor, so it doesn't make a count, it will be better to see other countries doing the same thing that China is doing right now than it will affect the crypto market thoroughly, also remember that the news is talking about Hong Kong, it's a region, not the entire China.

I will only start getting bullish after Bitcoin halving is over, there is a possibility that we will witness a big dip from Bitcoin, like if Bitcoin lose the 25.4k level which is very strong, then this bear market is going to take a long time.

tbct_mt2

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Quote from: kryptqnick on May 25, 2023, 06:03:57 AM

It's a mistake to think that what goes on in Hong Kong applies to mainland China. It seems from the article that the news was directly about Hong Kong, and in that case it's a promotion of certain freedom, available in a specific region, which can somewhat appease the public without any major changes for most of the country.
Obviously, some freedom in Hong Kong is good news, but it's nothing new, and the rest of the country is likely to continue living with the ongoing restriction and an illusion of financial freedom because you can hypothetically go to Hong Kong and enjoy it there.

Hong Kong has many differences than China mainland. Different regime, politics, economics models which are better than in China Mainland. The power in Hong Kong belongs to their citizens and their vote rights, not like in China mainland with serious centralized power in Xi Ping, a single man. China mainland is like Russia under the foot of a single man Putin.

Because of freedom and a regime which serves citizen benefits, Hong Kong can adapt better with modern technologies and have new adaptive policies to help its economy.

In China mainland or Russia, if they want to change anything, they can do it after an hour with a perfect 100% supported votes in their Congresses.

kryptqnick

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It's a mistake to think that what goes on in Hong Kong applies to mainland China. It seems from the article that the news was directly about Hong Kong, and in that case it's a promotion of certain freedom, available in a specific region, which can somewhat appease the public without any major changes for most of the country.
Obviously, some freedom in Hong Kong is good news, but it's nothing new, and the rest of the country is likely to continue living with the ongoing restriction and an illusion of financial freedom because you can hypothetically go to Hong Kong and enjoy it there.

Dunamisx

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Quote from: JamesDaniel90 on May 25, 2023, 04:45:10 AM

This is good news right? Are we expecting big moves for Bitcoin or will it take a while?

We aren't dependent on china for bitcoin massive adoption allover the world, China is only high in population but nothing to be compared to the entire world population, also they aren't the ones controlling the economy or dictating, let's not get the whole idea wrong here, China itself is not accepting bitcoin, but it was the news radio station in China that serve a carrier of this information, maybe anything may show forth from their side about bitcoin and which is still obvious that China is not ready for anything change on it stand about cryptocurrency.

Zaguru12

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Similar thread already exists on the speculation it would be better to read people’s opinions there.

This is just another good news for bitcoin adoption especially since it is coming from a country like China but it will not have a huge impact like the way everyone is leaning towards.

JamesDaniel90

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https://blockworks.co/news/china-central-television-spotlights-crypto

This is good news right? Are we expecting big moves for Bitcoin or will it take a while?

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