What a slew of bad news, fear, uncertainty and doubt right now. The crypto market took a huge nose dive after news of China clamping down on Bitcoin mining in Sichuan and major Chinese banks taking a harsh stance against Bitcoin and on-ramps.
This sudden, aggressive and swift clamp down on crypto is nothing new. In fact, China has been trying to shut down Bitcoin for the longest time since 2017, 2018, 2019. So the current clamp down is really nothing new.
I shall keep this post short, as I don’t like to dwell too much on short term price actions and rather focus on long term fundamentals.
Bitcoin is decentralised for a reason
Bitcoin is not a company and has no CEO, the fact that it is leaderless (decentralised) means that it is impossible to clamp down 100%.
Bitcoin was born out of the internet, and the only way to shut Bitcoin down is if the entire internet gets shuts down....