The crypto space is one of the fastest growing technologies with a rapid rate of adoption over time. Now, the world has over 300 million potential crypto user base station. So whenever things get out of China’s control, the country has a habit of destroying them. The same thing here, China realised the fact that cryptocurrencies like Bitcoin could hit the mainstream soon. Therefore, China may consider restricting the escalation of cryptocurrencies. But the rest of the world is ripping off China by accumulating more and more to their wallet.
According to Santiment’s recent report, after the Chinese ban gambling, Bitcoin and other altcoins lost their value. China’s ban has become point of discussion and its social dominance factor recorded 7.44% of all the crypto-related discussions. No later than BTC price and other altcoins started to rebound, many investors hurting Chinese sentiments took this opportunity for huge crypto accumulation to their wallet.
Why is China Scared of Cryptocurrencies?
The Crypto industry is booming as countries stepping forward to make it as a legal tender. Crypto ownership rates are on average 3.9% and 18,000 businesses are already accepting cryptocurrency payments around the world.
From 2012 to 2021, the BTC price rallied by 540,000%. With its spectacular performance in 2020, Bitcoin has reached 274% of the annual growth rate. The cryptocurrency market is could grow with compound annual growth rate of 56.4% from 2019 to 2025.
Among 300 million user base, India at the top of the list with 100 million, followed by the United States with a user base of 27 million crypto users. Popular analysts from the respective countries are coming up bashing China and urging countrymen to use this opportunity for bitcoin and other altcoin accumulation.
Additionally, crypto is slowly making its way to the rest of the industries. Close to 42 million gamers investing in cryptocurrencies. In 2020, the gaming industry achieved a total market revenue of $ 321 million. Same the retail industries, remittance industries and many other industries have experienced significant growth.
According to recent reports, amid the growing adoption of crypto, the Indian government has formulated the new cryptocurrency bill. The details in the bill included that the officials are working on categorising virtual assets on the basis of how they could used for payments or investments.
However, industry experts say China’s ban on cryptocurrencies is likely due to the country wanting to downsize competitors for its digital yuan, a centralized virtual coin. The coin will be governed by Chinese government. But, BTC price and other altcoins run seem to be unstoppable.
