After a double blow from China, with its ban on ICOs, then news of total exchange bans, not to mention Jamie Dimon’s vitriol against Bitcoin, the digital currency briefly crashed to $3,000 before rapidly soaring back to, and holding, the $4,000 mark, which shows “bitcoin too big to kill”.
Bitcoin Too Big to Kill
Digital currency users are finding ways around the Chinese bans, other countries, like Japan and Hong Kong are profiting, and people are exposing Dimon’s ploy, all indicating that Bitcoin is now stronger than a few bumps in the market’s road.
Still as bullish as ever
Peter Van Valkenburgh, director of research at Coin Center, a Washington-based nonprofit research firm focusing on cryptocurrencies, sees positives in China’s knee jerk reaction. Valkenburgh said:
“The efficacy of any bitcoin ban is pretty dubious. It’s bullish because if a powerful government like China feels the need to ban major trading, then it’s a good indicator that the technology works and that it does what it’s supposed to. If it overcomes those controls, then it’s further proof that it’s independent from government controls, which <Read More> pretty radical.” <Read More>
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