China holds the Key to Bitcoins Value

CryptoGuru Level X³

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November 4, 2016, 6:15 pm

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China holds the Key to Bitcoins Value

When it comes to digital currencies Bitcoin is certainly the most important of them all. Bitcoin is widely accepted in many countries and many large companies accept this currency. What holds a major key to Bitcoins price? The simple answer is China and today i will explain why its China, and why them controlling the trading and mining also play a major role. Will governments try to control Bitcoin and other currencies?


The Chinese government is going to crack down on the amount of Bitcoin that is being traded to foreign countries from within China. They have had a law that has banned Bitcoin being traded outside of the country Why does this matter so much to the price? China holds over 93% of the trading volume and as we know trade volume brings higher prices. When China threatens any kind of ban traders panic and holders dump Bitcoin causing the price to drop.

China also owns 70% or more of the mining that happens worldwide. If China decided to control Bitcoin it would spell devastation for the market and for Crypto as a industry. What do i think will happen? I think China understands the value of Bitcoin and wants to keep the industry within China to help the economy thrive. Who knows for sure but we will find out in the coming days.


As always thank you for reading please don't forget to follow me and like the topic.

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Lynne

Lynne

So what does this mean exactly Jkeyz2? That if China succeeds in controlling Bitcoin the value will drop significantly? But if they don't control it then the price will increase significantly?

Does this mean that the value of Bitcoin is possibly on the brink of either shooting through the roof or falling through the floor?

Which way do you believe it will go?

0 8 years ago

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overcast

overcast

I think china is planning to troll the ICOs. And they are holding out on such type of the exchanges. Considering they are communist country. It's kind of odd to see them not being part of the ICO in many places. So we just have to learn to adjust with those type of the things. And hoping that bitcoin can be good enough on that changes. I personally find it harder to see how the china is going to react on other coins.

0 7 years ago

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Corzhens

Corzhens

It looks like the law of supply and demand is taking over the value of Bitcoin. If China is indeed the largest market for Bitcoin and that they have the largest number of miners then it is a given that China can control the value of Bitcoin. In any economy, it is the big group that dominates the game hence with Bitcoins I guess China is the boss. Please correct me if I'm wrong on my assumption. I am basing my comment on the discussions that I had read in forums.

0 6 years ago

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