China has seen plenty of activities surrounding its specific Bitcoin community, most latest of which is the suspension of withdrawals via of the largest exchanges in the Bitcoin environment because of regulation issues. In spite of the frequency of activities and information that has made the Bitcoin and other cryptocurrencies marketplace very unstable, users insist that there is a lot more to be seen within the area while the 12 months goes by.
Director at BitLox, Dana Coe, mentioned that in 2017 the regulatory tightening with respect to Bitcoin exchanges in China had been huge. Dana Coe defined that the phenomenon is a bit of a conundrum, stating that governments do not have any motive to worry Bitcoin as a capital flight path.
Dana Coe sated:
“Actually, if a person takes RMB and buys Bitcoin, does this have any impact whatsoever on the RMB? The cash stays in the country, no capital reserves of foreign currency are depleted and the speed of currency use is growing.”
Dana Coe mentioned that most of the regulatory action is in cracking down on what they understand as overextending credit for speculative conduct, which is an element that will correct itself. Coe additionally noted that as long as the governments make clear that losses are individual investors’ responsibilities and that the markets are obvious, regulation will not be an everlasting danger to Bitcoin.
Bitcoin Investor and technical analys Jonathan Millet believes that there can be a huge upward pressure on the Bitcoin price in March 2017. His prediction is based on the notion of the public towards the resumption of Bitcoin withdrawals at the Chinese exchanges and the ETF choice.
Jonathan Millet thinked that many more nations becomes involved with Bitcoin regulation because the year continues. Millet stated that this is an effective improvement, which reveals that Bitcoin is becoming more valid and welcome into the mainstream. Jonathan Millet envisages yet more great increases in Bitcoin price to the end of this year.
Jonathan Millet stated:
“Via the rest of 2017 we can see proceeding adoption, more mergers and acquisitions and there is a consensus by biggest developers and Bitcoin technical analysts that price will be among $2000 and $3000 at the end of this year.”