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Inside Blockchain – China’s Crypto Ban & #Evergrande: What Next?

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Speaking on China Ban on cryptocurrency, Lead Wallet CEO, Francis Obasi said “Talking about china and the ban sometimes I’m tempted to think that there’s no one in china who’s actually saying these things. I just feel like some group of guys will just come and say okay guys I think the price of bitcoin is too high right now and we already exited our portfolio and we need to go back in. So what do we do they will just say to themselves let’s play the old card China ban bitcoin.”

He went further saying “And then once they decide they spread the rumor across all their news media and platform or outfits and then you know the noobs. Those who are just there for speculative reasons we get we begin to panic and then they start to sell off”

James Sung, Partner at CVN.io spoke on the Evergrande issue. He said, ”

You know everyone’s saying Evergrande is too big to fail and then the Chinese regulators you know they said Evergrande is not too big to fail you know and they said it with a wink wink you know so it’s what everyone on my side of the table is thinking I mean Evergrande is a company that is too big to fail why because they have hundreds of thousands of Chinese employees they have hundreds if not thousands of suppliers. They have thousands of customers you know all these people will be owed money, it’s not just about one company collapsing it’s definitely going to have a cascading effect.

We can see in the news you know just a few hours ago these bonds are already being picked up by overseas. You know American and British companies, funds and you know this is; people are very optimistic about Evergrande actually we can see china’s GDP is 14 trillion and 300 billion certainly is important but it’s really not enough to make a dent so this is something that I think will resolve itself shortly. I am saying there certainly is a possibility for regulators to come in to save the day. They’re saying that they’re not going save the day but I think they will come in to save the day.”

 

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  1. Pingback: Inside Blockchain – China’s Crypto Ban & #Evergrande: What Next? by Marvelous Akpere – CryptoTvplus Events: NFT, DeFi, Bitcoin, Ethereum, Altcoin Events

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