The Bitcoin and the rest of crypto currencies are still receiving heavy blows, recently China issued another statement banning financial institutions on facilitating transactions related to crypto currencies. As a result of this we have seen crypto currencies continues with their bearish move and are still going down.
Will They Win this War?
They have banned crypto exchanges in China and the crypto mining farms have been closed. Due to the fact that about 70% of Bitcoin and other mining farms are situated in China and other Asian countries this results in a major blow and the impact is felt because the whole market shakes whenever China pose threats on the crypto sector.
Why Do they keep of attacking Bitcoin and the rest of Crypto Currencies?
- Crime and Money Laundering
- They Lack full control of The Crypto Currencies
Crime and Money Laundering
They always claim that Bitcoin and the rest of Crypto Currencies are used for money Laundering purposes and also used to finance some crime acts e.g Terrorism and buying of illegal weapons on dark web. So by banning them the feel they can control the crime rate, but somehow with that reason the crime rate will decrease.
Lack full control of The Crypto Currencies
Since they lack full control of the crypto currencies they feel threatened because their monetary policies do not apply here. So they want something they can control of which that is what people do not like because the freedom to their servings and spending will be in the hands of the authorities.
They are trying really hard to make the market crash but the truth is they can not stop Bitcoin. They might win the fight but they will always lose the war. They can only destruct the movement of Bitcoin and the rest of the Crypto currencies but will never stop its existence.