That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.
Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.
Be careful of statistics, they can show anything you want. Speaking of which...
China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest
BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.
How many
BTC you think we got anyway?
90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.
The people with money, will buy/hold/use BTC. The rest? They weren't a factor anyway.
Any attack by Chinese Govt, probably makes it more popular.
Overall, there were an estimated 254.4 million registered passenger vehicles in the United States.
According to the US Bureau of Transportation Statistics for 2009 there are 254,212,610 registered passenger vehicles. Of these, 193,979,654 were classified as "Light duty vehicle, short wheel base, while another 40,488,025 were listed as "Light duty vehicle, long wheel base." Yet another 8,356,097 were classified as vehicles with 2 axles and 6 tires and 2,617,118 were classified as "Truck, combination." There were approximately 7,929,724 motorcycles in the US in 2009.
RESULT:
USA: 193M cars / 315M people = 61%
CHINA: 10% from 1,315M people = 131M cars
193M cars vs 131M cars is not so big difference
Don't compare the USA vs China domestic economies. That's silly. It's not even close. Come back in 40 years.
Currently BTC falls under discrtionary spending. Which requires a computer, net access, and of course money. That cuts out conservatively 50% of China right off the bat.
Compare the GDPs, USA about 9x higher. You can't compare population 1:1, compare it 1:9.
My point was, in terms of BTC, we're talking 1%. Those 1% play by different rules, they will still get BTC, they will still buy/hold/sell. Regardless of what the Govt does. Having the average Chinese person able to get into Bitcoin, right now that's not a goldmine, despite what people would lead you to believe. 2020? Probably a different story (unless of course you believe China's econcomy is a bubble ;0).
Having some new restriction on the average Chinese person from accessing Bitcoin, that's very minor at this point. All the good news in the USA about Bitcoin, is what matters. China's growth is icing on the cake which the Govt can't really stop (the people in China involved with BTC have money, computers, they won't be hurt by this news).
or who knows.. tomorrow. last friday some big bull started buying if i'm not mistaken :