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Quick Bitcoin & Crypto Update | Is China Banning Bitcoin?

781 views · Published 12 September 2017 · 16:07 · Indexed 21 October 2026

Channel: Rules For Rebels · 2017 · Howto & Style

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Hey guys, I didn't have a ton of time to put together a video here but wanted to get this information out there as quickly as possible so you guys know what's going on.

Bitcoin has fallen a bit today, incase your wondering why this happenened there's a couple issues going on. First and probably the biggest is Charlie Lee the "creator" of Litecoin sent a tweet out today that according to credible/reliable sources he has heard and believes that China is banning Bitcoin exchanges. Not from what I've been hearing China isn't banning Bitcoin itself, but is reportedly banning Bitcoin exchanges which in many ways hurts Bitcoin as the Chinese would not have an exchange to trade Bitcoins on and it would mean people could only trade person to person or peer to peer.

Now many people are speculating that the Chinese are trying to manipulate the market and drive prices down so they can buy cheap Bitcoin. I've also heard people say that the Chinese government may be able to nationalize Bitcoin exchanges and basically make all Bitcoin exchanges government run.

Right now it's early morning in China, people are probably just starting to wake up. I'll be very curious to see what happens to the Bitcoin price as they wake up in China and see not only that prices drop, but hear the rumors about the Chinese government supposedly banning Bitcoin exchanges.

I think this could cause one of two things to happen. First it could create a buying rush if people think Bitcoin exchanges are going away but more than likely I think we would see a selloff as prices are down and the Chinese potentially will no longer have markets to trade on.

Another piece of news that came out today is the CEO of JP Morgan Jamie Dimon made a comment that he would fire any trader trading Bitcoin and also claimed Bitcoin was a scam that is going to implode on himself. That said of course a guy who's part of big banks which Bitcoin lessens the power of is going to think that. Not only that but JP Morgan had to be bailed out by US tax payers so him giving us advice is like Equifax giving Transunion advice on how to secure their customers data.

I also just wanted to comment on a few cryptocurrencies holding their own and wanted to quickly mention PIVX. PIVX has been around for a while but it's just recently come on my radar. I think privacy coins or anonymous coins are going to be popular moving forward. PIVX is a fork of Dash which many people call Dash 2.0 or the Dash Killer. It's also got staking which means if you download their wallet/client you can essentially stake and earn a divident or interest on your holdings if you keep your wallet open. I bought a little bit yesterday but am going to be investigating it further and potentially buying some more and staking.

Please drop comments below, lets get a discussion going, let me know if you have any more updated news on China banning exchanges and as always love to hear your insights and picks regarding cryptos.

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