This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COWhat Is Happening In China?China’s love-hate relationship with Bitcoin and crypto started in 2013, when China’s central bank first barred financial institutions from handling Bitcoin transactions. This first set of news almost perfectly coincided with Bitcoin’s 2013 top at $1,000, which then bled out to the low $200s during the following bear market. While this 2013 bear market occurred, China took more stabs at Bitcoin, causing max pain. Other stints of FUD from China have arrived at inopportune times, ultimately scaring newcomers out of good positions, China is concerned about themselves and their power, not the timing of their attacks. It just so happened that this time around, the FUD arrived while the market was running thin and doped up on crypto hopium - really bad timing.So, what exactly did China say or do this time? Well China's State Council, the country's central government body, directed comments at "cracking down on Bitcoin mining and trading activities." Experts on China’s affairs have weighed in on these statements, pointing out that the voice of the comments are “high-level signals” - aka genuine threats. A lot of Bitcoin’s ecosystem lives in China, and unfortunately, China has followed through on its crackdowns in the past. These comments were probably a tipping point for some high-level whales living in the country. This round of FUD, like all the other FUD put out by China is not a “ban on Bitcoin,” as much as the media wants you to believe that narrative. Furthermore, crypto investors, miners, and entrepreneurs in China have to navigate this open-source currency representing libertarian ideals in a communist society, something difficult for us in the West to understand. So we probably blew it all out proportion. China like the U.S, wants control, and decentralized currency isn't comfortable to handle, so investors like you and I are caught in the middle, trying to make sense of complicated FUD and imminent regulation. China probably isn't bluffing, but the good news is that cracking down on mining is already appearing to bring new miners West, ultimately decentralizing the network – a net positive for Bitcoin.In This Issue:China FUDBitcoin Thoughts And AnalysisLegacy MarketsMichael Saylor Is Not Giving InCrypto Market Loses Nearly 1.3 TrillionRay Dailo Buys BitcoinMy Recommended Platforms And Tools
The Wolf Den #248 - China FUD
The Wolf Den #248 - China FUD
The Wolf Den #248 - China FUD
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COWhat Is Happening In China?China’s love-hate relationship with Bitcoin and crypto started in 2013, when China’s central bank first barred financial institutions from handling Bitcoin transactions. This first set of news almost perfectly coincided with Bitcoin’s 2013 top at $1,000, which then bled out to the low $200s during the following bear market. While this 2013 bear market occurred, China took more stabs at Bitcoin, causing max pain. Other stints of FUD from China have arrived at inopportune times, ultimately scaring newcomers out of good positions, China is concerned about themselves and their power, not the timing of their attacks. It just so happened that this time around, the FUD arrived while the market was running thin and doped up on crypto hopium - really bad timing.So, what exactly did China say or do this time? Well China's State Council, the country's central government body, directed comments at "cracking down on Bitcoin mining and trading activities." Experts on China’s affairs have weighed in on these statements, pointing out that the voice of the comments are “high-level signals” - aka genuine threats. A lot of Bitcoin’s ecosystem lives in China, and unfortunately, China has followed through on its crackdowns in the past. These comments were probably a tipping point for some high-level whales living in the country. This round of FUD, like all the other FUD put out by China is not a “ban on Bitcoin,” as much as the media wants you to believe that narrative. Furthermore, crypto investors, miners, and entrepreneurs in China have to navigate this open-source currency representing libertarian ideals in a communist society, something difficult for us in the West to understand. So we probably blew it all out proportion. China like the U.S, wants control, and decentralized currency isn't comfortable to handle, so investors like you and I are caught in the middle, trying to make sense of complicated FUD and imminent regulation. China probably isn't bluffing, but the good news is that cracking down on mining is already appearing to bring new miners West, ultimately decentralizing the network – a net positive for Bitcoin.In This Issue:China FUDBitcoin Thoughts And AnalysisLegacy MarketsMichael Saylor Is Not Giving InCrypto Market Loses Nearly 1.3 TrillionRay Dailo Buys BitcoinMy Recommended Platforms And Tools