Prominent Crypto Trader Michael Gu: China Bitcoin Ban is ‘Very Shallow’, Overhyped and Examined
Crypto advocates have repeatedly scrutinizedChina for their harsh stance on cryptocurrencies. Nevertheless, when Michael Gu (Blockchain expert and cryptocurrency analyst) sat down with the head trader at Genesis Block, Charles, the disclosures varied from the mass belief.
Charles saw that even though the government’s move to ban crypto-related social media channels and events may appear severe, China endures being one of the world’s most liquid OTC-based markets even in harsh bearish times like these.
“So they know what’s happening, but then they just [say] ‘you know what, just don’t talk about it’, so that’s why we’re getting this media blackout, so then we have fewer people willing to take a stance to talk about China. It’s taboo now and all the funds [don’t want to say anything]. Then the East/West divide is actually getting bigger because everyone believes that China is out of the picture [in crypto].”
Recent Crypto Advancement In China
In October, as CnLedger, a news source in China reported, the Chinese court confirmed that Bitcoin is protected by law as property. As such, individuals, businesses, and merchants can technically utilize cryptocurrencies like Bitcoin and Ethereum as a payment method without conflicting with local regulations.
Crypto market of China has become more active as of late, due to the acceptance of digital assets by hotels and publications.
In late September, Ethereum Hotel, China’s first hotel that accepts Ethereum (ETH) as a payment method, reportedly opened their business in National Scenic Area of Four Girls Mountain (Sichuan Province).
On Oct. 1, China’s oldest technology publication Beijing Sci-Tech Report (BSTR) announced that it would accept Bitcoin as a payment method for its subscriptions beginning early 2019, to encourage the utilization of crypto in a “real-world setting for practical actions,”