Bitcoin News; The author of the bestselling book The Bitcoin Standard recently commented on the likely consequences of the current pressure on Bitcoin imposed by China. Saifedean Ammous, author of The Bitcoin Standard, which has been translated into 25 languages, spoke with David Lin of Kitco News about the Chinese government’s attempts to crash Bitcoin, saying things like this always end the same way: “Bitcoin has the ability to bounce back.”
Lin asked his opinion on what could happen to the price of Bitcoin if the Chinese government continues to crack down on Bitcoin miners and traders, and investors in China continue to sell their BTC as they do now.
The famous author expressed that he is generally optimistic about BTC in the long run, although he acknowledges that Bitcoin sales can happen anywhere and anytime in the world as long as the flagship cryptocurrency remains a small part of the global financial system. Still, he generally believes that “Bitcoin thrives on diversity” and thus, attempts by regulators in China or other countries to crash BTC have given BTC a chance of a “great comeback.”
Ammous referred to the many negative events and cases that Bitcoin has faced. For example, the first Chinese crypto ban in 2017, the shutdown of Silk Road, or the G7 publicly posting their negative attitude towards BTC. He says that after all the events mentioned above, it seems like the end of Bitcoin has come, but BTC has been able to make a big comeback.
Bitcoin inflows to stock markets continue
Leading crypto trader Alex Kruger shared several charts provided by the CryptoQuant analytics company that show Bitcoin inflows to crypto exchanges have increased nearly threefold over the past sixty days. The famous investor interpreted this as Bitcoin holders panickingly selling their BTC holdings.