RE: This is absolutely a buying opportunity, and here's why:

[grizgal]

The Chinese govt is shutting down exchanges to prevent capital flight. They have tight capital controls and crypto is a threat to that. The wealthy will always buy property overseas or similar to move funds overseas. The average citizen does not have that option. I am a big believer in crypto but unfortunately I think it has further to fall before the rally.

Comments

[ansisltd]

also can you imagine,

1. If Bitcoin keeps flying higher and higher, and Dollar is keep loosing its value against other assets,
2. USA keeps the low interest rates, in other words, they want USD to be as cheaper as possible to make sure they are competitive in world trading,
3. And guess when China sells their goods to USA and most of other countries, what currency China receives?!
   YES YES you were right Dollars! So will China allow to shrink their savings in Dollars?
   And you are right about that tight Capital controls. China just jumping ahead and sending a warning signals, to cryptos: cryptos and Bitcoin itself is watched and will be regulated if needed. But China never said anything if the ban will be permanent or temp, and what further action will be taken when it comes to Bitcoin and cryptos.