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China officially banned all crypto-related commercial activities in August 2018 and blocked more than 120 foreign crypto exchanges from servicing Chinese citizens.
In January, reports emerged that China was planning a clampdown on Bitcoin miners. Mainstream media reported at the time that Chinese authorities proposed different ways to discourage Bitcoin mining operations in the country.
In 2019, the same old song was played as another report resurfaced that China wants to ban Bitcoin mining as the activity “did not adhere to relevant laws and regulations, were unsafe wasted resources or polluted the environment.”
2021: More FUD
Recent FUD from China happened on Wednesday this week when three industrial bodies reiterated an old ban on banks not being allowed to service crypto exchanges and investors.
According to the organizations, cryptocurrencies have “real value,” and their market volatility puts people’s property at risk.
As with other FUDs on China’s crypto ban, the latest was followed by crashing prices as extreme fears hit the market. However, this time was worse because the issues came in when bitcoin was still trying to recover from Elon Musk-induced slump.
Just yesterday, we saw another reiteration of the same, this time coming from the State Council of China.
Bitcoin Always Wins
Looking at all the negative news from China since 2013, one thing is clear: Bitcoin always wins. This is because, despite China’s long history of FUDs on crypto bans, Bitcoin and the entire crypto industry continue to thrive, both in adoption and value.
The market has grown to become a trillion-dollar industry, with Bitcoin alone having over 40% of that value. And there’s no doubt that the 12-year old industry has more potential for growth.
Although it is still uncertain how each country will decide to engage with cryptocurrencies in the future, it is satisfying to know that crypto assets are going nowhere.
