One and only reason Bitcoin rallied in 2017 was due to the Chinese government enacting capital controls. Capital was fleeing the country into every asset. Real estate has soared in places like Australia and Canada.
Ironically, their actions caused more panic of the Chinese people and more capital flight. It was only a matter of time until they physically closed and arrested operators of unregulated exchanges. The SEC in USA has also expressed that they wish to regulate exchanges. Regulation is not a bad thing. It protects people from frauds. More than 95% of ICOs are terrible ideas that seek to take your money for nothing.
Bitcoin is an asset, not a currency. Its volatility does not make it a good store of value compared to other assets (not talking about gold). It is also not a good way to transfer money without fees due to the transaction times and volatility. If Bitcoin were a company no one should invest in it because the technology that runs it is open source. Any government or company that wants to make secure transactions or contracts can start their own blockchain. There is no value in Bitcoin, but there is value in blockchain.
Ironically, their actions caused more panic of the Chinese people and more capital flight. It was only a matter of time until they physically closed and arrested operators of unregulated exchanges. The SEC in USA has also expressed that they wish to regulate exchanges. Regulation is not a bad thing. It protects people from frauds. More than 95% of ICOs are terrible ideas that seek to take your money for nothing.
Bitcoin is an asset, not a currency. Its volatility does not make it a good store of value compared to other assets (not talking about gold). It is also not a good way to transfer money without fees due to the transaction times and volatility. If Bitcoin were a company no one should invest in it because the technology that runs it is open source. Any government or company that wants to make secure transactions or contracts can start their own blockchain. There is no value in Bitcoin, but there is value in blockchain.
SEC > www.sec.gov/oiea/inv...ins/ib_coinofferings
China's attempt to control capital has been on going for a while.
2016 China Capital flight > www.chinalawblog.com...ity-has-changed.html
localbitcoins spike after China clamps down > qz.com/915316/chinas...-official-clampdown/
Zerohedge summary of China's ban on Bitcoin > www.zerohedge.com/ne...nge-halt-all-trading
BTCChina shutdown message > m.weibo.cn/stat...151955570459465?sudaref=ww...