This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
The recent market reaction on that famous news from China is just an illustration of how powerful and far-reaching can the government be on Bitcoin and the cryptocurrency in general. In fact, you are right, it was not really banning Bitcoin at all yet the value of Bitcoin took a dive. The thing here is that we are just living in a real world where factors are still being taken into consideration and there is no denying that the market could never act totally independent from the government.
And we have to realize that Bitcoin is supposed to be representing a system that is supposedly the opposite of what the government can do and will do. Realistically speaking, Bitcoin can never be and should never be acting like the enemy of the government because we still need the approval of the government for its continuing existence and prosperity. Just like in Japan, the legalization of Bitcoin came with some compromises on areas of regulations...something we are glad to accept in return for the opening of its vast present market.
So we wondering the same thing here: What are these developments mean to Bitcoin and should Bitcoin be seen as anti-government or it depends on the kind of government we are facing of?
