In the past few days, we have seen a fierce Chinese government crack down on Bitcoins and cryptocurrencies. The usual excuse are are given by official sources include;
- China want so setup regulatory frameworks
- China wants to weed out ICO and cryptocurrency scam
However, could there be another reason? Could it be that all the above reason were just a deliberate cover up for a different reason?
It could here and here is why;
The Government of China wants to own cryptocurrency - not control it
The Chinese government has always wanted to control currency - just like US president accused them of being currency manipulators.
They have tried without success to replace the US world as global reserve currency with their own currency.
Now, the government want to try it again - this time with cryptocurrencies. The Chinese Bitcoin community has already proven to the Chinese government that it is capable of leading the world in cryptocurrency.
Now to complete the live long dream of owning a world currency, the government just has to do the following;
- ban Bitcoins and cryptocurrency - almost done
- take over Bitcoin facilities and equipments
- launch own national cryptocurrency
- force its billion plus population to adopt it
- done - the Chinese government owns a world currency
What do you think? Could this be the reality of what is currently unfolding?
I think this is very plausible. You justification makes a lot of sense based upon recent history.
Personally, I said all along, the Chinese are not into banning Bitcoin...it is a gold mine for them. It is a country devoid of natural resources. Hence, they now have the opportunity to create wealth from natural resources, albeit digital ones. The Chinese are looking to reap billions off the bitcoin movement. Bet the ranch the government is well aware of it. They are not into banning btc as much as banning the average Chinese citizen from having it. All exchanges and miners will end up state run in China.
Bet the ranch on this and hold onto your btc. A lot of it is going to end up in the hands of holders (Chinese and bankers). They want to dominate the wealth.
I think there is a war for who gets to be the digital currency in China. The Chinese govt would prefer that to be a centralised digital currency tied to real-world IDs. If the Chinese govt wanted to take over Bitcoin as a global cash, they would be incentivising more miners and exchanges, not less.
Definitely, China will not ban Bitcoin, its exchanges and ICOs. I am however not sure if the government wants complete control. If they did, it only means they have not grasp what crypto, crypto currency and crypto economy really are. Without decentralization, "crypto currency" will be just like the numbers in your bank account. And if they did try to issue their own crypto currency, it only means they are in the Bargaining stage of The 5 Stages of Bitcoin Grief.
Here is a talk by Andreas M. Antonopoulos on this topic.
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