Bitcoin trading ban in China
By MYBRANDBOOK
China is threatening to crack down on cryptocurrency trading. What does this mean? China’s government is planning to shut down Bitcoin miners in its latest crackdown on the cryptocurrency. However, a report says, china produces the most Bitcoin in the world by using Bitcoin mining, which involves an energy-intensive process of solving complex math problems to add transactions to the Blockchain, a public ledger. But the crackdown is about more than the high levels of energy required to mine Bitcoin.
Beijing plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, Bitcoin and all other major digital currencies plummeted after it emerged that trading could be banned in South Korea. China is planning to limit electricity to Bitcoin miners, and government bodies have expressed concern about energy usage. Bitcoin mining is estimated to use up to 4 gigawatts of electricity, equivalent to three nuclear reactors' production levels. With this they are planning to cut off domestic access to platforms and exchanges that enable people to trade digital currencies.
China was the most active market for bitcoin trading on exchanges. It’s still home to some of the biggest bitcoin miners and now targeting websites and mobile apps that offer cryptocurrency exchange-like services. A report also finds, authorities banned cryptocurrency exchanges last year.
David Drake is Founder and Chairman at LDJ Capital, a multi-family office which deals in various funds worldwide with over $1.5 trillion in assets, and maintains over 50+ global directors and family office partners and leader in cryptocurrency. As per David Drake, it means now is the time to buy even more crypto. He believes that we will see an uptick in crypto prices within 24 hours, much like we did during Christmas. He feels EOS has maintained its price better than anyone else and he also believes we will see an uptick in this as well as other digital coins.
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