The price of fell 5% today following “breaking” (read: weeks old) news that the People’s Bank of China, or PBoC, had declared all cryptocurrency transactions illegal.
With that in mind, let’s take a nostalgic look at the last 12 years of FUD out of China, and see if we can spot any patterns.
China banned ‘virtual currencies’ for the first time in 2009
The first Bitcoin-specific ban hit in 2013
Fake ban threats plagued 2014
A Chinese exchange hack briefly tanked prices in 2016
In 2017, China dropped crypto-related bans twice in a single month
Media reports led to a short crypto crisis of faith in 2018
The FUD raged on in 2019
China was allegedly behind 2020’s ‘crypto bloodbath’
FUD comes to present day
The total number of times China FUD has failed to kill crypto: 19
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