BREAKING NEWS: September 24th, 2021- China’s top government agencies have announced a widespread ban on all activities related to bitcoin mining, crypto mining, and cryptocurrency trading, officially moving to ban all of crypto-related activities in the country of nearly 1.4 Billion People.
According to a statement published by China’s top Government Agencies, corroborated later by Reuters and other reputable news sources, it does appear China is trying once again to effectively “ban” all bitcoin mining, crypto mining, and really just all crypto transactions all together. Sadly, it appears this news is true and it is effective immediately for the people of China.
While some long-time Bitcoin followers will simply say this story sounds familiar, because China has “banned” Bitcoin Mining and Crypto Activities in the past- there appears to be many ways this situation is different.
3 Reasons Why This 2021 Bitcoin And Crypto Ban In China IS Different Than Past Bans:
- First, with China’s commitment to rolling out a digital yuan firmly in place and far-along in the pilot stage across parts of the country, it appears the country does not want competition in place for their currencies is what some analysts are indicating. The digital yuan is a very scary proposition that privacy advocates worldwide warn is a terrible step in the wrong direction, because it will give the government of China the ability to closely monitor every single transaction and to even limit what transactions can take place, etc. Communism will be made even worse with a digital yuan, and frankly this should serve as a stark warning to the EU and USA that their people do not want such invasive actions and simply would not stand for them. Whether governments like it or not, they need to embrace bitcoin and crypto and need to find ways to have their existing fiat currencies work alongside new innovative cryptocurrencies for best results.
- Second, it seems strange to many that suddenly Bitcoin Mining and Crypto Mining are being singled out wrongly in China as exorbitant sources of energy-usage. Particularly considering the massive amount of manufacturing that takes place in China, Bitcoin Mining and Crypto Mining truly only accounted for a miniscule percentage of emissions but yet is somehow being targeted as a much larger culprit than seems necessary to most miners.
- Third, China may be serious this time in attempting to crack down hard on crypto…but there are many more eyes on the crypto world than there ever has been before and thus this time China’s “ban” of crypto mining has far more critics than any past activities. Calculated or not, it seems China’s announcement had only a small temporary impact on prices but overall it seems most other savvy countries and crypto investors see this as an opportunity to further their interests in the bitcoin and crypto space.
Is China’s Bitcoin Mining/Crypto Trading Ban Bad For Bitcoin And Crypto?
Surprisingly, this isn’t as bad as you think…at least, not yet. In fact, while there was a small dip in bitcoin and crypto prices early after the announcement, Bitcoiners and Crypto enthusiasts seem more bullish now than before. Some are even saying it’s a step in the right direction to see communist China take such sweeping action, because it shows that bitcoin and crypto are truly mainstream threats to fiat currencies around the globe.
While it is absolutely unfortunate for the 1.4 Billion People in China to have yet another attack on their ability to use Bitcoin and Cryptocurrency freely, technologically speaking-it’s still nearly impossible for every Bitcoin and Crypto transaction to be tracked and thus the only way that there will be absolutely no bitcoin and crypto activity in China is if all citizens choose to comply with this outrageous invasion on human rights and financial sovereignty.
In other words, while things are certainly different in China than in the USA…good luck trying to get 1.4 BILLION PEOPLE to automatically stop buying bitcoin, mining bitcoin, trading crypto, mining crypto, and buying crypto, just because you say so. Nonetheless, many will be impacted and will comply. For example, Yahoo Finance earlier reported about a miner who may or may not have been tipped off about the ban who cashed out 1,366 BTC and 952 BTC in 2 separate transactions just mere seconds before Beijing’s announcement.
A large portion of the Bitcoin hash rate that was controlled by China was already relinquished months ago when China shut down power access for many miners across the region. But, now, the government is completely threatening to totally cut power access for all miners due to their “environmental concerns.” Sadly, many miners in China will have to either leave their country, shut down operations, or risk being prosecuted for simply mining bitcoin and crypto.
However, since all foreign firms are immediately barred from doing business with Chinese customers- trading crypto could become tougher, but those who already have Bitcoin and crypto possibly still may try to trade amongst each other or move their currencies to other locations.
Scarily, China’s ban could provide a template others will try to copy. In countries like the USA and everywhere else worldwide, there are so many great companies doing outstanding work in the field of bitcoin mining and cryptocurrency that it would be completely foolish and basically criminal for any government to try to step in and regulate or “outlaw” bitcoin and crypto. This is why today’s news from China is sad for China but good for the world, because it makes people even more strongly advocate for widespread adoption of bitcoin and crypto worldwide.
After all, aren’t we supposed to operate “for the people?” WELL, THE PEOPLE WANT BITCOIN AND THE PEOPLE WANT CRYPTO!
Will China’s Ban On Bitcoin Mining and Crypto Activities Impact The ASIC Miner and/or GPU Market?
Since almost all cryptocurrency mining equipment is sourced from China, it will be important to monitor how exactly the crypto mining equipment market is impacted by China’s recent ban. As of now, it does not appear the computer manufacturers are particularly impacted, however it is not certain but it is clear this would be the worst thing for the global market.
Literally, banning bitcoin and crypto is such a terrible decision it’s similar to a government banning the internet 25 years ago. Where would we be? Hard telling, right? Unless you want a future that’s lesser, YOU need to speak up and help protect your rights to mine bitcoin, own bitcoin, buy crypto, trade crypto, and do whatever you want.
Now more than ever before, Bitcoin and other cryptocurrencies are showing their value. Now more than ever before, people need to rise up to protect their rights and freedoms. Now more than ever before, the US Government and other world leaders need to embrace bitcoin and cryptocurrencies to help ensure innovation continues.
AND, now more than ever before, you need to start mining bitcoin and buying crypto to help ensure your future is free and to help prevent other governments from taking the oppressive steps to ban bitcoin and crypto.