If China soon welcomes crypto: strong bullrun?

[armanda90]

It's still too soon to decide whether what Hong Kong is doing is successful or not because this cryptocurrency has to be tested and it takes quite a long time. So far the circulation of Bitcoin is still quite free and there are still several countries that prohibit the use of Bitcoin in their countries. Bitcoin is a digital currency technology whose use is increasing from year to year due to the influence of limited supply. So don't be afraid when you want to buy Bitcoin because the price will definitely increase even more.

Differrnce impact between China and Hongkong, I think if China are welcome with bitcoin in short term bullrun moment coming but Hongkong male friendly place for bitcoin but still can't bring positive impact to male bitcoin reach the higher price.
Actually investing in bitcoin never waiting bad or good respond from top country such as China because bitcoin keep potential raise to higher price after several time China suspended with bitcoin as legal transaction in their country.

[MUGNIA]

As we know, China is a country that has an influence on the world economy, so whatever it does will definitely be discussed and have an influence on all aspects, including crypto,
In this case China neither prohibits nor legalizes crypto in its country, they know that some of its citizens are miners and crypto owners, if almost 75% of its citizens own ownership, perhaps the regulations they make may not apply and do not prohibit crypto from being invested.

[0t3p0t]

As we know, China is a country that has an influence on the world economy, so whatever it does will definitely be discussed and have an influence on all aspects, including crypto,
In this case China neither prohibits nor legalizes crypto in its country, they know that some of its citizens are miners and crypto owners, if almost 75% of its citizens own ownership, perhaps the regulations they make may not apply and do not prohibit crypto from being invested.

China I think only has maybe few crypto specified cities correct me if I'm wrong and maybe they also have strict regulations with cryptocurrency possessions in majority of it's cities but I think there is no clear data whether they really are not into Bitcoin since they are planning to have it's own CBDC which is the digital Yuan if I am not mistaken so maybe Chinese guys out there can give us a much detailed reliable data about the truth or myths and status of crypto in their country because we all know Chinese investors are also big players in the crypto industry.

[MrSpasybo]

China I think only has maybe few crypto specified cities correct me if I'm wrong and maybe they also have strict regulations with cryptocurrency possessions in majority of it's cities but I think there is no clear data whether they really are not into Bitcoin since they are planning to have it's own CBDC which is the digital Yuan if I am not mistaken so maybe Chinese guys out there can give us a much detailed reliable data about the truth or myths and status of crypto in their country because we all know Chinese investors are also big players in the crypto industry.

The Chinese government has not made any official announcements about a change in their stance on crypto. Everything is still just our speculation: as Hong Kong opens up to crypto development, Bybit is ready to serve users in China, f major Chinese bank has also praised BTC and ETH. The e-CNY is being tested and is quite successful, but I don't think the scale of application will be expanded to replace local currency. In essence, China's CBDC is just an upgraded version of digital cash in bank accounts. I don't think it can replace crypto, and it doesn't even run on a decentralized blockchain

In addition to the US presidential election results, I am also waiting for this major event from China to make it easier for the crypto market to enter a bullrun. The huge influx of money from Chinese investors and positive news related to the widespread acceptance of BTC on a global scale could push BTC into a new growth phase rather than heading towards stability as it has for the past 15 years.

[yohananaomi]

It could be that a signal of an experiment was carried out in Hong Kong which is still under their authority, and they will see the prospects of what has been done in Hong Kong, whether they will be able to make a contribution and at least be able to provide encouragement to their community there to ask the government to accept crypto again.
It's true, they have difficulty being able to exercise control over crypto, so as the largest economic power, they really want to be able to do that, and it's impossible to do, but they inevitably have to open themselves up to crypto developments, and they clearly don't want to be left behind.
If they want to open themselves up to crypto, it is not impossible that the crypto market will become enthusiastic again and this cannot be avoided.

If the experiment in Hong Kong is successful, of course it will make other countries follow suit, crypto, especially bitcoin, is very popular now. Even though no one can control Bitcoin, we know Bitcoin is progress that we must accept, no one can reject technological progress.

I think you are right that bitcoin is the latest technology, and it is difficult for anyone to avoid the reality of a phenomenon like this, so it seems that anyone cannot avoid accepting this progress, otherwise they will be left behind.
Hopefully, the Hong Kong experiment will spur the Chinese community to ask to be accepted back.
Because it is clear that the impact will be felt because China is a very advanced economic country and will have an impact on the movement of bitcoin itself.

[bayu7adi]

~snip~
Hopefully, the Hong Kong experiment will spur the Chinese community to ask to be accepted back.
Because it is clear that the impact will be felt because China is a very advanced economic country and will have an impact on the movement of bitcoin itself.

What do you mean by experiment, e-HKD?? One of the CBDC projects that uses centralized cryptocurrency for transaction purposes?? In my opinion, this cannot be used as a reference as news that China or Hong Kong fully accepts cryptocurrency, because most likely the cryptocurrency they use is only cryptocurrency that the government can control. The market test for e-HKD may be more likely to examine how much the public responds to the existence of cryptocurrencies...

I don't know whether this has an impact on decentralized cryptocurrencies, or just e-HKD... because their principle clearly wants to control their own country with the power of their government. If a fully decentralized currency is accepted by China as a means of payment, clearly the short-term effects will be massively bullish...but does China think this is the best option?? Unfortunately I don't think so.

[Stompix]

Bybit is ready to serve users in China

Slight correction on this!
Bybit allows Chinese mainland users that can prove they are living outside China and have a valid permit, it keeps by default blocking any requests from mainland China and bans Chinese users until you can prove you don't actually live there.

Anyhow, China is a lost cause, they don't like this think and they will never let it propagate through their society, besides the whole thing is getting even more distant to the policies Beijing implements, for a country that wants to ban displays of wealth online and is forcing their social media to comply with this imagine what the crypto memes will look like!

The huge influx of money from Chinese investors and positive news related to the widespread acceptance of BTC on a global scale could push BTC into a new growth phase rather than heading towards stability as it has for the past 15 years.

Again you're expecting a country that is putting one more capital control in place each year and is forcing people to keep investing in real estate to prop up the falling market to allow money to flow in a different way outside their control? This is daydreaming!

[MrSpasybo]

Slight correction on this!
Bybit allows Chinese mainland users that can prove they are living outside China and have a valid permit, it keeps by default blocking any requests from mainland China and bans Chinese users until you can prove you don't actually live there.

Anyhow, China is a lost cause, they don't like this think and they will never let it propagate through their society, besides the whole thing is getting even more distant to the policies Beijing implements, for a country that wants to ban displays of wealth online and is forcing their social media to comply with this imagine what the crypto memes will look like!

Again you're expecting a country that is putting one more capital control in place each year and is forcing people to keep investing in real estate to prop up the falling market to allow money to flow in a different way outside their control? This is daydreaming!

Thank you for the additional information. I hope we will soon see the return of investors and capital flow from the mainland. Hongkong is accepting crypto, which at least holds a positive possibility for the future of crypto on the mainland.

I don't think the crypto market is dependent on any one country. The development of crypto after China banned crypto mining and trading has confirmed this. However, a huge money flow and the FOMO it creates can cause the market to change its behavior. Investors will flock to assets they believe in and expect to get the returns they want, and the invisible hand will do the rest ^^

[yohananaomi]

-snip-
I don't think the crypto market is dependent on any one country. The development of crypto after China banned crypto mining and trading has confirmed this. However, a huge money flow and the FOMO it creates can cause the market to change its behavior. Investors will flock to assets they believe in and expect to get the returns they want, and the invisible hand will do the rest ^^

It is certain that the crypto market is spread across all countries and makes a very big contribution, but we also cannot close our eyes big countries contribute more than other countries, so it is not surprising that many people hope that what China will do as the big economic ruler Will impact all aspects of their existence, which will definitely be connected with other countries regarding the acceptance of crypto.
You are right, that investors really know and will definitely choose assets that they believe will contribute to the clear profits they really hope for.

[Rubel007]

-snip-
I don't think the crypto market is dependent on any one country. The development of crypto after China banned crypto mining and trading has confirmed this. However, a huge money flow and the FOMO it creates can cause the market to change its behavior. Investors will flock to assets they believe in and expect to get the returns they want, and the invisible hand will do the rest ^^

It is certain that the crypto market is spread across all countries and makes a very big contribution, but we also cannot close our eyes big countries contribute more than other countries, so it is not surprising that many people hope that what China will do as the big economic ruler Will impact all aspects of their existence, which will definitely be connected with other countries regarding the acceptance of crypto.
You are right, that investors really know and will definitely choose assets that they believe will contribute to the clear profits they really hope for.

Many are aware that China banned cryptocurrencies in 2021, which led to a very fragile state of cryptocurrencies worldwide. Bitcoin price fell by more than 30 percent. At that time, the Chinese government imposed various restrictions on various crypto currency trading companies, including securities exchange platforms. The message from the Chinese government at the time was that they were forced to take that decision to protect people's assets, maintain financial and social order.

The people of the country have shown a positive attitude towards crypto after finding loopholes in the Chinese government's restrictions. And what is important to me in this discussion is that no one or any government can restrict the use of crypto to its citizens according to his wish. Cryptocurrencies have had bad days at the time but have bounced back and will never be confined to one country. Crypto will continue to grow at its own pace despite the Chinese government's ban on crypto.

[yohananaomi]

-snip-
I don't think the crypto market is dependent on any one country. The development of crypto after China banned crypto mining and trading has confirmed this. However, a huge money flow and the FOMO it creates can cause the market to change its behavior. Investors will flock to assets they believe in and expect to get the returns they want, and the invisible hand will do the rest ^^

It is certain that the crypto market is spread across all countries and makes a very big contribution, but we also cannot close our eyes big countries contribute more than other countries, so it is not surprising that many people hope that what China will do as the big economic ruler Will impact all aspects of their existence, which will definitely be connected with other countries regarding the acceptance of crypto.
You are right, that investors really know and will definitely choose assets that they believe will contribute to the clear profits they really hope for.

Many are aware that China banned cryptocurrencies in 2021, which led to a very fragile state of cryptocurrencies worldwide. Bitcoin price fell by more than 30 percent. At that time, the Chinese government imposed various restrictions on various crypto currency trading companies, including securities exchange platforms. The message from the Chinese government at the time was that they were forced to take that decision to protect people's assets, maintain financial and social order.

The people of the country have shown a positive attitude towards crypto after finding loopholes in the Chinese government's restrictions. And what is important to me in this discussion is that no one or any government can restrict the use of crypto to its citizens according to his wish. Cryptocurrencies have had bad days at the time but have bounced back and will never be confined to one country. Crypto will continue to grow at its own pace despite the Chinese government's ban on crypto.

They banned it because they were very disadvantaged by regulations that could not be implemented regarding crypto, where it was difficult to be able to regulate it according to what they wanted and, of course, this action was not easy to do, but the reason all this time was that mining had damaged the eco-system in their country.
Indeed, the impact of a ban on large countries will certainly be affected by trade and cannot be avoided. Fortunately, everything can change because, in any case, crypto will still be able to operate even if there is a ban in a country and will not be able to be controlled at will by any authority.
Cypto will continue to run by itself because of trading carried out by many people, not just because of a country.
We are waiting for further news about China regarding crypto because, after all, the impact is very effective.

[pieppiep]

They banned it because they were very disadvantaged by regulations that could not be implemented regarding crypto, where it was difficult to be able to regulate it according to what they wanted and, of course, this action was not easy to do, but the reason all this time was that mining had damaged the eco-system in their country.
Indeed, the impact of a ban on large countries will certainly be affected by trade and cannot be avoided. Fortunately, everything can change because, in any case, crypto will still be able to operate even if there is a ban in a country and will not be able to be controlled at will by any authority.
Cypto will continue to run by itself because of trading carried out by many people, not just because of a country.
We are waiting for further news about China regarding crypto because, after all, the impact is very effective.

They have quite wise decisions, digital currencies like Cryptocurrency have price movements that are very unstable so that this makes governments in various countries prefer not to give permits for the use of Cryptocurrency in their countries. Apart from economic security in their country, they also consider the negative impact on society. Every policy issued by the government clearly upholds the security and prosperity of its people.

[Mr. Magkaisa]

I don't think Hong Kong is an experiment for the mainland before they openly welcome cryptocurrencies. It's intended to be the only place for crypto just like how gambling is only allowed in Macau. Their Government wanted those industries to be contained in one specific area.

I can also see in that perspective that what they are doing is an experimental. But this may also be a strategy for China to have a much more control in monitoring and analysing it's potential without affecting the entire country if something bad will happen.

          -   I don't think it's fair, because from what I can see, it's really just China's strategy if they can do this, so that they can have a large number of Bitcoin and other top altcoins in the market that they can profit from. Especially since we are in the bull run season, many people are looking forward to this matter.

That's why it seems like China is just going along with the long-term holders of Bitcoin and other top altcoins in the market. Maybe they also notice that there are many other countries that have their own big investors who are obsessed with Bitcoin. So, I think things will be normal only.

[Felix91]

It was too interesting and a little bit concerning post for me..I need to think about everything I read.

[Z-tight]

What do you think about how China manages crypto? Is this an effective approach? What could China be planning with crypto in the future?

I don't care and why should you, let China do whatever they want to do, BTC doesn't depend on any country or on politicians for its survival, i don't know why people keep on talking about China accepting BTC, like it would do them a favor. Forget about the argument of a pump in price, bitcoin is decentralized, it looks like some of you would trade decentralization for price growth, it's pathetic to think about it.