Bitcoin down to $3,700 amid rumors of Chinese ban - time re-strategise!
After years of being the backbone of Bitcoin, China now wants to destroy Bitcoins. Whether or not the rumors of the Chinese government planning to censor Bitcoin in the country is true or not - the harm has already been done.
Mere rumors of the Chinese government planning to censor Bitcoin exchanges has caused the price of Bitcoin to drop from $5,000 to $3,800.
There are many questions to be raised, however we have already answered them in our previous posts and will only re-emphasize the points raised in these former post.
For a more comprehensive understanding of the situation, we advise you to read our former reports on the issue;
5 reasons why it is time for Bitcoin to ditch China!
Concise analysis; is China going to ban Bitcoin and cryptocurrencies?
China ICO ban slams Bitcoin to $4,000 - 4 things you should know
Is Bitcoin falling?
No. Bitcoin is not failing. Chinese miners account for upto 70% of Bitcoin's mining power and the rumors that the government could censor Bitcoin is causing investors to sell off.
Will China every ban Bitcoins? No. We explained this well in a previous post. China would not even think of it.
Who do we cope with the situation?
Instead of selling out, this is actually the right moment to buy up more Bitcoins. Why?
- Buy as much Bitcoin as you can as Bitcoin will eventually recover from the slumber caused by the Chinese rumors
- Stay away from Bitcoin Cash, alt coins and also invest development and resources into Bitcoin
- Get to work on decentralization and increasing the adoption of Bitcoins as we explained here.
Bitcoin trading is booming all over the world. China does not and cannot control or destroy Bitcoins. And oh, China reveres Bitcoin more than their own currency; we proved it here.
We said it before; Bitcoin mining is too monopolized in China and this is not good for business as it allow the Chinese government to manipulate Bitcoin as we are seeing now.
Bitcoin has got to ditch China before China gets to ditch Bitcoin.
For a thorough understanding of the issue, read our previous posts;
- 5 reasons why it is time for Bitcoin to ditch China!
- Concise analysis; is China going to ban Bitcoin and cryptocurrencies?
- China ICO ban slams Bitcoin to $4,000 - 4 things you should know
Price goes down => people buy up => prices go back up. If the China rumours turn out to be false, the prices will sky climb, if it is true, than it will maybe take awhile.
It will go up again. #ditchchina !
This must be a strategy to pick up bitcoin at lover prices for sure. Great post. Upvoted and following u as always. Please review my new post on meditation and provide your feedback if possible. https://steemit.com/spirituality/@nainaztengra/meditation-a-way-of-life-part-1
Hello
Its just a bigger correction. It will reach higher levels soon :)
I firmly believe in cryptocurrencies, especially Bitcoin. I'm gonna keep buying the dip.