China Suddenly Decides to Turn Bullish on Bitcoin

It might not come out as a surprise to many, but China has decided to turn bullish on Bitcoin due to an increase in the price of Bitcoin in the crypto market. These recent developments might have pushed China to change its take on cryptocurrency, and this is the very reason why it is scooping up almost everything for the last two days. 

This wasn’t the case too long ago when America used to pump during the day, and China used to dump during the night. One reason for this sudden change might be the consistent scaling that Bitcoin has done over the past, rising above its price after getting it dropped to almost $42k. 

Yet another reason might be the fall of the Dollar against the Yuan but only recently did this fall break due to the rapid economic recovery taking place in America, which might bring a fall in Yuan’s price in the upcoming days.

Why China is itself Investing in Bitcoin?

To overcome the loss of value to its own currency, China has decided to push the pedal on buying more and more crypto as buying a dollar might not be substantial. China has also failed to stop its individuals from moving their capital overseas under the request that the money would be used to buy medical equipment or such, thus finding loopholes within the system.

As China couldn’t become successful in stopping the global currency does itself speak for the bright future of Bitcoin is not only in the crypto market but also in the traditional financial markets. China continues to support crypto mining as it will continue to do so as it remains efficient energy in terms of renewing the semiconductors and other such components that will be used in mining. 

Therefore, China’s most feasible option is to open the crypto exchanges, and instead of pushing this revolution away, it should start accepting and regulating it. Some beautiful gains can be scored in terms of tax income. As it is evident that the people are clearly engaging in buying and the selling and investing of the cryptocurrency, and the most lucrative element for them is the Bitcoin, thus barriers need to be broken, and dedicated actions should be taken to stabilize cryptocurrency.    

 

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