Will Bitcoin Die When”Capricious” Chinese Government Confiscates All Bitcoins of the Big Three?

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Will Bitcoin Die When”Capricious” Chinese Government Confiscates All Bitcoins of the Big Three?

On February 8th, two of China’s most widely used bitcoin exchanges announced that they would suspend bitcoin withdrawals for a month while implementing anti-money laundering rules.

Bitcoin investors waited anxiously for a month, and all they get is this:

In order to strictly comply with relevant laws and regulations, we will work with industry counterparts to go through a comprehensive upgrade of the platform to effectively prevent and combat the use of Bitcoin for and other illegal activities,” announced Three big exchanges Okcoin, Huobi and BTCC on March 8th.

For weeks now China works to regulate bitcoin exchanges. PBOC, or the central bank even warned that a violation of any rules might result in the shutdown of the exchanges.

Many Chinese investors are complaining that the Chinese government is too “capricious“and unpredictable. It would manipulate the media to focus on negative reporting of bitcoin. It could spell doom for bitcoin by confiscating all bitcoins of the three exchanges.

But Optimists believe that bitcoin might be destroyed but not defeated. If all bitcoins are controlled by the government, they would begin to invest the next bitcoin Litecoin, Ripple or Dogecoin. Anyway, we can never go back to the world of no bitcoins. 

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