Why even bans can no longer stop the Bitcoin advance

June 24, 2021

With every major price correction, there is always a supposed trigger in retrospect. Sometimes it was a tweet, sometimes news from China or another large nation that demanded regulation of the crypto market or even threatened to take such steps.

The crypto scene likes to call this kind of news FUD ("Fear, Uncertainty & Doubt"). And it is usually this FUD that is declared the scapegoat for course corrections. And often these reports are about the threat of regulation or even a potential ban on cryptocurrencies. And the price almost always reacts sensitively to this.

But is the threat of regulation or even bans hanging over the entire crypto sector like a sword of Damocles really a reason to panic? What effects would a ban have and can crypto be banned (yet)?

The latest news that China has finally declared war on the crypto scene was probably indeed a catalyst in the price slide of the past few days. First, bitcoin miners in China had to feel the government's harshness, then one of China's largest state-owned banks even banned its customers from trading in cryptocurrencies.

crypto scene likes

These announcements were followed by actual actions this time. Regardless, however, this is by no means something new, as bans and decrees have been passed by the central government time and again in recent years. And time and again, this has had noticeable effects on the price of all cryptocurrencies. The ensuing volatility then also scared off many (new) investors again and again.

But that aside, bans in the past have had a rather dubious success rate. History teaches us that if the market demands a product or service, people will always find a way to access them.

benefits of cryptocurrencies

The benefits of cryptocurrencies are becoming more and more tangible, with NFTs and DeFi being just two recent and hot application examples. Bitcoin, Ethereum and co. offer end users a tangible value that they will not want to do without in the future. And technological progress is constantly sharpening the areas of application and adding new ones.

Thus, technology is becoming an integral part of the global payment and technology infrastructure. Quasi an idea whose time has come. Any attempt to put obstacles in the way of this idea with artificial interventions can and will only make it stronger.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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