Why do people say that if China does not participate in Bitcoin trading, the price of Bitcoin will continue to soar?
The U.S. national debt has reached 35 trillion, and it must find a way to harvest wealth to relieve pressure. Many people say Bitcoin is more scarce than gold due to its limited supply. But is Bitcoin really the only virtual currency? There are more than twenty thousand similar virtual currencies in the market; today it’s Bitcoin that’s hot, tomorrow it might be Ethereum, and the day after it could be Dogecoin. Where is the real scarcity in that? The current virtual currency market is like playing a game of musical chairs, with speculators constantly entering the game. If some make money, others will lose, but most speculators believe they won't be the unlucky ones.
The value of Bitcoin is supported by the wealthy. Ordinary people hoping to make a profit are waiting to see when these big players will sell. Once they start exchanging a large amount of Bitcoin, the price will plummet. Then capital will buy at a low price, driving the price up again to attract new investors.
If China allows participation in Bitcoin trading, one day if it suddenly shuts down the trading network, all the investors' wealth could vanish.
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