Why do people say that if China does not participate in Bitcoin trading, the price of Bitcoin will continue to skyrocket?
The U.S. national debt has already reached $35 trillion, and they definitely need to find a way to harvest wealth to alleviate pressure. Many people say that Bitcoin is more scarce than gold because of its limited supply. But is Bitcoin really the only virtual currency? There are more than 20,000 similar virtual currencies in the market; today it’s Bitcoin that’s hot, tomorrow it might be Ethereum, and the day after it could turn into Dogecoin. There’s really no such thing as true scarcity. The current virtual currency market is like a game of musical chairs, with speculators constantly entering; if some people 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 just waiting for those big players to sell off. Once they start cashing out large amounts of Bitcoin, the price will plummet. Then capital will buy it back at low prices, causing the price to rise again and continue attracting new investors.
If China allows participation in Bitcoin trading, one day if they suddenly shut down the trading network, all the wealth of investors could vanish.
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