China's Massive Crackdown
Although Bitcoins creator remains anonymous, his creations have continued to pave way for the evolution of finance in the world. Created in 2008 by Satoshi Nakamoto who suddenly disappeared barely 3 years after creating it, Bitcoin which was once valueless is now trading at $43,000 (as at September 27, 2021). Satoshi who published it's whitepaper on cryptography mailing list detailing all what Bitcoin could and would do through Blockchain technology. His aim at that time was to pull control of currency from the big men of finance and into the hands of the common man , an aim that hasn't sat well with most government till date. Today there are over 6000 cryptocurrencies in existence with Bitcoin leading the army but still facing opposition by the government and big men which it was created to fight against.
A major player on Bitcoins opposition party is China which has unveiled a complete ban on all crypto transactions and mining in it's country for the umpteenth time this year. Although not quite shocking to many because early this year we witnessed a major crackdown on miners in it's community which caused Bitcoin to plunge real deep than anyone would have expected. The recent move has caused another plunge but thankfully not as bad as it's predecessor. The China's Central People's Bank of China has announced earlier this week that it was illegal to facilitate cryptocurrency trading and it has severe punishment in place for defaulters even those working for foreign platforms from within it's borders in an effort to push the sector out completely at all cost. China unlike El Salvador doesn't accept cryptocurrencies as legal tenders and it's banking system has been barred from offering crypto related services. An interesting development that has caused Chinese exchanges to relocate overseas ( like OkEx, Huobi and others) which shows that investors will simply find away around the entire pressure.
Many argue that with time China's frequent barks might eventually have no effect on the market since it is technologically impossible to shut it down due to the kind of technology that keeps it running. It is important that people understand China's effort to cut off crypto relations didn't start recently, it had started in 2013 and as the year goes by they have taken more stringent approaches to cut it off from it's economy. While some might say it is all in an effort to push it's digital currency"Yuan" into the limelight, many argue that this isn't the way to go about it. The recent efforts has only affected the markets volatility a bit and with over 106 million people trading crypto according to Business Insider Africa it is obvious that it is only a matter of time before China's bark have no effect. Many analyst have advised that governments take regulatory steps rather than prohibitory steps because cryptocurrencies aren't one to be defeated easily anytime soon especially for the fact that they are creating millionaires among common men.