Charlie Shrem, a bitcoin pioneer and the head of business development at Jaxx, a popular cryptocurrency wallet platform, explained that China has no real effect on the future of bitcoin.
Shrem stated: “This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”
As Shrem explained, the Chinese government and local regulators have the ability to restrict trading activity around bitcoin and other cryptocurrency but are not capable of restricting and censoring the usage of cryptocurrencies. Shrem noted that the Chinese government “overplayed their hand” by utilizing the only leverage it had over the global bitcoin industry.
Fortunately, the global bitcoin exchange market is restructuring. The vast majority of trading volume from the Chinese market has moved to Japan and South Korea, two countries that have implemented efficient and practical regulatory frameworks for both cryptocurrency businesses and investors. In fact, earlier this week, the South Korean bitcoin exchange market officially overtook China to become the third largest bitcoin market in the world, behind Japan and the US.
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