CHOPPED BITCOIN’S HEAD OFF: China Attacking – PREPARE!
China’s headlines are dominating crypto again. It was just a month ago that the Chinese president was full-on pro-blockchain, causing Bitcoin to soar by 40% in two days, but now the People’s Bank of China has vowed to crack down on growing cases of illegal cryptocurrency-related activity, and the less committed Bitcoin holders are freaking out.
“Once it is discovered, it will be disposed of immediately, and it will be prevented from happening early,” the People’s Bank of China declared – this was enough to push the Bitcoin price as low as $6,929, down 9% from its recent peak.
Since late October, the price of Bitcoin has lost 33% of its value against the U.S. dollar.
Even with the PBoC’s declaration – which is only directed at illegal crypto activity, not legitimate transactions – sensible investors need to pull back the chart, calm down, and remind themselves that Bitcoin is still up more than 90% year-to-date:
Therefore, the Bitcoin bull thesis is still fully intact and the FUD is just the same old story we’ve heard before: China is going to cause some price movements, but that’s no reason to panic-sell your Bitcoin holdings.
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And while the mainstream media is busy overblowing the China scare, they’re completely ignoring all of the encouraging developments in the world of crypto:
- November 22nd marked a record for institutional Bitcoin futures trading exchange Bakkt, with over $20.3 million traded in Bitcoin, or 2,728 futures contracts. This represents a 66% increase over the previous day’s trading volume, and is around 30% higher volume than the previous all-time high set on November 8.
- Not only that, but Bakkt has officially confirmed December 9 as the date when it will launch cash-settled Bitcoin monthly futures contracts, a pioneering and heavily anticipated product among institutional traders.
- Remember how everybody freaked out when PayPal withdrew from Facebook’s Libra Project? Well now, PayPal CEO Dan Schulman is revealing that he himself owns Bitcoin.
- It’s just been disclosed to the public that Facebook CEO Mark Zuckerberg and Facebook board member Peter Thiel met secretly with President Trump in October. We don’t yet know what they said during the meeting, but it’s a positive sign that the President met with two crypto heavyweights.
If anything, you should consider these FUD-driven price dips as a gift from the heavens. Let the FUD clear out the beginners, so that institutions and serious investors can swoop in and drive the Bitcoin price much higher – the fear mongers and FUD-makers are only helping.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.