Bitcoin is bouncing back after China vows to crack down on cryptocurrency. It began on Friday, and it just goes to show that if it’s suitable for The People, the government will try to find a way to control it. The People, in this case, are the people of China.
“The People’s Bank of China declared all virtual currency-related activities illegal including trading on Friday. The Chinese central bank also took aim at overseas exchanges providing services to mainland China users.” CNBC
It’s these kinds of actions against Bitcoin that give it an even greater perceived value. In the last 24 hours, its value shot up another 5%, and its steady rise indicates that it is bouncing back from the hit it has taken over the last few weeks.
Nothing seems to be able to put Bitcoin down and keep it down for long. When climate activists started protesting the waste resources and effects on the climate that cryptocurrency mining has, miners began making deals with struggling nuclear power plants.
In an interview with the Wall Street Journal, Sean Lawrie, partner at consulting firm ScottMadden, offered interesting insight about the new power plant deals, “Both industry’s challenges are the other industry’s positives.”
When confronted with issues, Bitcoiners find solutions because there is so much value in digital currency. We’ve reported how it can lift entire countries out of their economic struggles. We’ve also noted how it levels the playing field between rich and poor because it is a decentralized currency that no one has been able to touch. Unfortunately, China will have to get on board pretty soon because their move on Friday isn’t a very bright one.
Bitcoin will continue to bounce back, and China will be left behind. But China has been against digital currency for years, and why is anyone’s guess. They can’t control it. They can’t regulate it. So banning it is the only thing they can do with it, and that does not affect Bitcoin’s future one bit.
When you are ready to secure your future, buy Bitcoin at Byte Federal ATMs all over the country.