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As the Miami BTC Conference is approaching, the entire cryptocurrency market has seen a general rise. After decentralized BTC has undergone changes in May, people have been very confused about the future of BTC and do not know the next direction of BTC. To be honest, I recently analyzed the news about BTC and found that the more news I see, the more I feel that BTC is about to enter the devaluation channel. It is no exaggeration to say that the entire cryptocurrency market may enter a period of weakness, and it may be time to stay away from the cryptocurrency market.
On June 2, CCTV-13 channel of China made a 12-minute report on cryptocurrency, revealing a case of cryptocurrency scam. We must know that China is not allowed to provide services to cryptocurrencies such as BTC due to the influence of cryptocurrency policies in China. Therefore, some people participate in the hype of cryptocurrencies through intermediaries. Although the protagonist of this incident is not mainstream platforms such as BTC and Huobi, it is enough to arouse warnings from many people. The bearishness of Chinese BTC investors has been reduced, and the market has also digested part of it, but new bearishness has also emerged.
Just demand is the driving force for reform in a field. If a product is not just needed, it is easy to be eliminated by other products. If BTC is only used as a bargaining chip to hype, there will not be much room for future development. As a decentralized currency system, BTC has been used for some special needs, such as illegal activities such as transferring property, tax evasion, and money laundering. BTC's gray industrial chain is one of the important factors that support the development of BTC, but now this industrial chain is facing huge challenges, which can be said to be self-inflicted.
Cryptocurrencies such as BTC have a tendency to get out of control, and there is already a tendency that is not in line with the interests of the United States
As a cryptocurrency, one of the biggest features of BTC is anonymous transactions, which is exploited by many interested people. Because BTC uses blockchain technology, its supporters claim that BTC can circumvent any country's regulation, even without fear of US suppression. However, even if you brag about it, some people really use this feature of BTC to challenge the bottom line of the United States. There have been many incidents in the United States, all of which are ransoms paid by cryptocurrencies such as BTC. This has caused dissatisfaction in the United States.
On June 2, a spokesperson for US President Joe Biden stated that Biden hopes that the federal government will respond to a series of extortion incidents and focus on solving the problem with cryptocurrency. Although the U.S. has always been very ambiguous regarding the policy of BTC and other cryptocurrencies, there is a clear trend of throwing stones at one's feet, and cryptocurrencies such as BTC are clearly losing control. Not only are criminals trying to use BTC to circumvent regulation, some countries are also trying to use BTC to circumvent U.S. regulation. For example, Iran is like using BTC to buy some special materials.
BTC, which is regulated by the United States, is about to face many challenges, and the market is not optimistic
News now shows that the United States is using technological means to strengthen the supervision of BTC. As a cryptocurrency, BTC is facing challenges in its encryption characteristics. In the future, BTC may be transparent in the United States. The world’s largest dark web has begun to reject BTC, believing that BTC is suspected of leaking information. Don't doubt the surveillance capabilities of the United States. Recently, a surveillance scandal was reported. It is not impossible for the US to monitor BTC. If the encryption feature is lost, the just-needed value of BTC will definitely be greatly reduced, and the value of speculation may be left in the future.
Although BTC may reap countless wealth under the hype of some capital giants in the United States, the process may be a bit long. As various countries launch central bank digital currencies, cryptocurrencies such as BTC will face huge challenges, leaving little room for their development. As an important part of a country, the currency system cannot be disturbed by foreign currency systems such as BTC. Therefore, it is impossible to always leave room for BTC's development, and the time for comprehensive supervision is approaching.
Now China's digital RMB has gone through many tests, and it is not far from the day when it is officially promoted, and some other countries are also preparing for the central bank's digital currency. There are more and more unfavorable news about BTC in the market, so cryptocurrencies such as BTC are losing their money-making effect. BTC that has lost its ability to make money will eventually be abandoned by capital giants, so BTC is facing great depreciation pressure. Of course, if someone wants to take the opportunity to short BTC, they may still be harvested by capital giants. Anyone who speculates about BTC is at risk at any time.
