Crypto China FUD is Cured by Itself

Crypto China FUD is Cured by Itself

By xuanling11 | Crypto Learning | 20 Oct 2021


China FUD is no longer with thanks for their own banning of crypto and kicked out of Bitcoin mining. This is a new era of crypto and opens a new chapter for crypto to become a secure digital asset for the global economy.

 

China’s crypto ban is an old story

China’s crypto ban was started in 2014. Each year they announced the ban. However, every year they failed to do so. Some may wonder if that is just FUD to make the market cheaper and to buy dips.

 

Why China was influential in crypto

China adopted crypto fairly early after Japan which was the first country to have a crypto exchange platform and publicly traded crypto even the rest of the world was still in the doubt. China developed the Bitcoin mining equipment that fully supports Bitcoin mining power globally. It reached the top of 75% of the global energy supply in 2021 until the last ban.

 

China’s ban is the ban of what

Even every time China announced its banning, crypto continues working. Part of the reason is the way crypto was designed to resist the government ban. Another reason is that the Chinese government did not fully understand crypto and blockchain technology.

 

China adopted blockchain technology with or without a crypto ban

China may have banned crypto, the blockchain technology was actually implemented into their technology innovation. Their medical bills and utility management are fully integrated into blockchain technology. Their education system has improved and integrated into blockchain as well. No to mention their own crypto money e-RMB which is built on top of blockchain as a Central Bank Digital Currency or CBDC.

 

Why China’s FUD suddenly cured

Since the latest adoption of blockchain technology and crypto in the United States, the mining of Bitcoin has concentrated in the states. People suddenly relief that because the US unlike China will ban crypto but allow fair competition with crypto.

 

The US Ban FUD

There is a possibility that the US will ban crypto if the technology suddenly created an overhauled power to replace the financial system. We may also see other political conflicts which force crypto out of the race in the future.

 

Crypto is an apolitical asset

Crypto will evolve and become an apolitical asset that cannot be influenced by or manipulated by the political parties. It is one such feature to attract more users to join the crypto army.

 

In conclusion

China’s FUD may finally pass but there are future FUD that challenges the crypto. Continue evolving is a key to becoming a successful future asset for crypto to win the competition.


Photo by Katie Moum on Unsplash

Note: the post was shared on multiple platforms.

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