- Bank transfers will be halted.
- Chinese gov. reminds the population that Bitcoin is a commodity and not a currency.
- Most of the buying in China has been justified by speculation (quick money-making scheme). Most people don't know about Bitcoin before investing huge sums of money
- Ponzi pyramid is bad, and BTC is currently in a bubble phase.
- Chinese gov. has been #1 to drive BTC to the moon, but is now trying to decelerate the adoption of Bitcoin for their own safety. Too fast too soon
- The people buying Bitcoin now won't buy to convert it to RMB. They are holding. They're speculators.
- Chinese think that the current price ($460) is cheap compared to ATH, so they're buying
- There's no infrastructure (only in western world, like useless ATMs with retina scan)
- Speculation shouldn't exist. it's a currency.
- The white guy interviewing the Chinese dude expects a crash. He also expects that Bitcoin will only rebound when services/shops/etc are created and that we build the infrastructure first
- We need to drive the price back down for mass adoption.
- Random useless talk about Dogecoin (e.g. Huge block reward is better because you can donate huge amounts, vs BTC where you don't feel like you own anything)
- Dogecoin is better than Bitcoin. It's more "fun".
Dogecoin will become the universal currency.
This sums it up. Also, I feel the need to quote Bobby Lee. Both guys confirm what Lee predicts:
Quote
BTC China admits that the domestic bitcoin market is indeed a bubble. The exchange explained its creation as follows:
Bobby Lee: “A general lack of domestic investment targets, coupled with the lack of understanding of bitcoin led to bitcoins becoming speculative grade. After the April 15 message, investors will re-evaluate bitcoin, an industry reshuffle may also occur.”
The exchange adds that it would welcome a reshuffle and that it sees the notice as “pre-dawn darkness.” It insists that China’s bitcoin community needs confidence to develop further. BTC China insists it is doing its part to restore confidence.
Bobby Lee: “A general lack of domestic investment targets, coupled with the lack of understanding of bitcoin led to bitcoins becoming speculative grade. After the April 15 message, investors will re-evaluate bitcoin, an industry reshuffle may also occur.”
The exchange adds that it would welcome a reshuffle and that it sees the notice as “pre-dawn darkness.” It insists that China’s bitcoin community needs confidence to develop further. BTC China insists it is doing its part to restore confidence.
TL;DR. The Chinese government will try to crash BTC's value and decelerate its adoption because it's dangerous for rmb and as an speculative grade investment. It is not a currency. Converting BTC to fiat will become much harder to achieve in the future.
