The crypto space is one of the fastest growing technologies with a rapid adoption rate over time. Now, the world is over 300 million Possible encryption user base station. Therefore, whenever things get out of China’s control, the country has a habit of destroying them. Same here, China has recognized the fact that cryptocurrencies like bitcoin could hit the mainstream soon. Therefore, China may consider restricting the proliferation of cryptocurrencies. But the rest of the world is tearing China apart by piling more and more into their wallet.
According to the latest report from Santiment, after the Chinese ban game, Bitcoin and other digital currencies lost their value. The Chinese ban has become a talking point and factor of social domination registered 7.44% For all discussions related to cryptocurrency. not later Bitcoin price And other digital currencies are starting to recover, and many investors who have hurt Chinese sentiment are taking advantage of this huge opportunity cipher accumulation to their wallet.
Why is China afraid of cryptocurrencies?
The cryptocurrency industry is booming as countries step up to make it legal tender. Average Cryptocurrency Ownership Rate 3.9% And 18000 Companies are already accepting cryptocurrency payments all over the world.
From 2012 to 2021, the price of Bitcoin increased by 540,000%. With its amazing performance in 2020, Bitcoin 274% of the annual growth rate. The cryptocurrency market can grow at a compound annual growth rate of 56.4% From 2019 to 2025.
in between 300 million user base, India tops the list with 100 million, followed by the United States with 27 million cryptocurrency users. Famous analysts from the countries concerned are attacking China and urging its citizens to take advantage of this opportunity to accumulate bitcoin and other altcoins.
Moreover, cryptocurrency is slowly making its way to the rest of the industries. Close 42 million Players invest in cryptocurrencies. In 2020, the gaming industry generated a total market revenue of 321 million dollars. The retail, manufacturing, and many other industries also experienced significant growth.
According to recent reports, amid the increasing adoption of cryptocurrency, the Indian government has drafted a new cryptocurrency bill. Details in the bill included that officials are working to classify virtual assets based on how they are used for payments or investments.
However, industry experts say that China’s ban on cryptocurrency is likely because the country wants to reduce competitors to the digital yuan, a central virtual currency. The currency will be governed by the Chinese government. But it seems that the price of BTC and other altcoins cannot be stopped.