China went all-in and completely tightened the rules regarding the crypto market, recognizing cryptocurrencies as illegal. What can this mean for bitcoin and the entire cryptocurrency market?
The latest calls from China regarding the fight against bitcoins cause massive fears among investors, they begin to panic and do not know how much bitcoin can fall if it goes deeper into a correction.
Bitcoin fell on Friday, after the People's Bank of China and other regulatory authorities imposed a ban on the use of cryptocurrencies, saying that they are all illegal and should be completely banned.
Bitcoin reacted very sharply to such calls and lost in price and pulled the entire altcoin cryptocurrency market with it.
Digital gold fell to $40,500, and the reason for this was the statement from China about the ban on cryptocurrency transactions and their recognition as illegal.
However, US Senator Patrick Joseph Toomey Jr. is sure that not everything is so bad and ambiguous for bitcoin, the United States of America and the entire cryptocurrency market.
Repression can open up opportunities. Senator Toomey is sure that the United States of America can get a lot of privileges and benefits from the next artificially created repressions from the Chinese government, in general - this is a huge prospect for the United States and the whole world.
The US does not share such strict regulatory measures and I am sure that the US, unlike China, will never introduce such strict draconian rules in relation to bitcoin and the entire altcoin market, since the US economic system has a structural advantage over China.
Senator Toomey was also supported by the odious bitcoin whale Anthony Pompliano, co-founder of Morgan Creek Digital, and said that the US could really get a lot of benefits from China's repression.
Senator Toomey also believes that economic freedom leads to the well-being of citizens. The United States will never be like the total control, centralization of power, elimination of confidentiality inherent in the political regime of the People's Republic of China.