The "China bans Bitcoin" meme repeats every year!
Hello my fellow steemians and crypto investors,
As we all know by now the recent news about China banning ICOs have spooked investors. We have seen significant price drops across the board, not only in altcoins as expected, but also in Bitcoin.
This is where I see a big opportunity because Bitcoin stars are aligning and pointing to a new impressive rally.
This is why I’m buying this dip in Bitcoin:
Transaction malleability is now fixed and the door to second layer scalability solutions, such as the Lightning Network, is wide open.
Segwit is slowly working its magic, reducing fees and it keeps increasing in use.
Segwit transactions keep increasing on the Bitcoin network
- Yes, China has banned ICOs, but Bitcoin itself is not banned. It would be very difficult, and not in the interest of China, to ban Bitcoin, especially now that Russia has entered the race to dominate mining.
Andreas Antonopoulos explains in detail why China won't ban Bitcoin:
- Bitmain’s Jihan Wu, noted that Bitcoin is still legal in China and its legality has not and will not change because of the government’s involvement into the ICO markets.
- Development and activity continues to be very strong in the Bitcoin Network
Other contributing factors:
Hurricane Harvey devastated Texas, what the mainstream media is not telling you is that the economy of Texas is the second largest in the United States. It had a gross state product of $1.616 trillion as of 2016. The Gross Domestic Product, and thus, the Economy of the United States, will be significantly affected in the last quarter of 2017, likely triggering a long overdue recession after 9 years of growth fueled by easy money. These will not be very merry Christmases...
Hurricane Irma, a 4 category storm already, has Puerto Rico and Florida in its sights. Let’s hope it doesn’t cause major damages but just the potential is enough to spook stock market investors.
- The war of bluffs with North Korea keeps heating up. At some point something is going to happen and I believe this time the U.S. government actually needs a diversionary war to distract from the economic crisis at home and bring out the patriotism of Americans.
Is the bear trend broken already?
CHECK OUT MY PREVIOUS POSTS:
SEE THE CHARTS! Segwit progressing slow but already helping ease congestion in the Bitcoin network
Tell me what you think of this post in the comments below. This is not professional investment advise. I'm not your financial advisor. Only invest money you can afford to lose!
Happy crypto investing!
