Litecoin creator Charlie Lee says a trusted source has told him that China will not ban bitcoin mining operations or the bitcoin network. He says the rumors are being propagated by large-scale traders who are attempting to manipulate the bitcoin price.
Lee revealed this information Thursday night on Twitter, stating that he had not traded on the knowledge before making it public: “I have a trusted source that says that there’s no truth to China banning mining or network”.
Nevertheless, Chinese miners account for a majority of the bitcoin hash rate, and the markets have been shaky as they attempt to separate rumor from fact. This FUD (fear, uncertainty, and doubt) present within the market “is propagated by large manipulators trying to make money shorting,” Lee suggested. “They know that China ban FUD works and cannot be proven wrong.”
Lee has been ahead of much of the recent news regarding China’s cryptocurrency squeeze. Citing an anonymous source, he predicted the bitcoin exchange ban, along with OKCoin and Huobi’s meeting with regulators to discuss the terms of their closures. He has not revealed the name of his source, but many on social media have speculated that it is his brother, BTCC CEO Bobby Lee.
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