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China’s Rhetoric May Lower Bitcoin Exchange Rate

Managing partner of Primitive Ventures Dovey Wan believes that China's rhetoric regarding cryptocurrencies could lead to a drop in the value of Bitcoin. The specialist writes this on her Twitter, accompanying the post with the phrase "Can’t wait to buy cheaper Bitcoin."

The specialist augmented her position with conclusions from a report that was recently presented to Chinese viewers. In the issue, journalists presented real statistics on the use of blockchain in various Chinese companies. It turned out that only 10% of the declared 32 thousand organizations really use the technology.

At the same time, inspections of miners were initiated in the country, despite China's recent official refusal to prosecute crypto miners. Recall that it is in China that most of the working computing equipment is connected to the Bitcoin network. Disabling Chinese crypto miners can adversely affect the current value of cryptocurrencies.

The popular crypto blogger dark pill agreed with the opinion that the rhetoric of the Chinese government can negatively affect the behavior of the cryptocurrency market.

It turns out that China is developing its own cryptocurrency and promoting the blockchain at the state level, but at the same time, it demonstrates a negative attitude towards classic digital assets.

A popular trader and investor, a blog under the nickname Crypto Rand, believes that in the near future, China will again threaten the Bitcoin ban.

Recall that earlier in the media there were repeatedly news about the PRC's intention to introduce a ban on cryptocurrency mining and a number of other related areas. At the same time, the threats did not go into action, and therefore the “struggle” of China with the miners became an occasion for memes and jokes.

Recall that earlier Binance CEO Changpeng Zhao presented the opinion that the Chinese digital yuan will operate on the blockchain.