It is good to know the reason why there is a dip so you will not be a victim of panic selling. Unfortunately, too many newbies are jumping into the market and when there is a little dip, they sell even at a loss. This is the major disadvantage of a panic seller. Panic sellers are always at a loss due to ignorance. There is always a dip when the sell orders are more than the buy orders.
The recent dip is due to certain unfavourable government policies in some countries but can government destroy bitcoin?
The answer is NO!
My Reasons
- The government cannot destroy what they didn't create.
- Bitcoin is a global digital currency unlike your local currency. Bitcoin is accepted globally as a means of payment while your local currency is only accepted in your country. This is the reason there is a higher tendency for your local currency to collapse than for bitcoin to collapse.
- More awareness is being created by the various governments fighting Bitcoin and the more the awareness, the more the adoption, in other words, the government through their policies are only creating more awareness and thereby enabling those who never really paid attention to bitcoin to begin to pay more attention to it. Too many people including myself got more interested in Crypto currencies due to government Policies.
- The government cannot destroy what themselves are fully investing in. It will shock you when you get to know by statistics that the government that has stringent policies against Bitcoin and other Altcoins are actually some of the highest holders of Bitcoin. Can you now see why it is Impossible for the government to destroy Bitcoin?
Interesting question. I agree to say, no, they can't. Unless they've created it. (and that nobody seems to know for sure) What governments, or banks for that matter, can do is to shut down bitcoin to fiat(cash) exchanges. That might scare a lot people, but in essence it would change nothing. The only way to shut down bitcoin is to shut down the entire internet, which would shutdown the (financial and almost everything else in the) world too.
Definitely not destroying bitcoin
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