Bitcoin Ban in South Korea – So What?
With the Segwit2x fork expected any time now most of the world was puzzled by the plunge in price of Bitcoin. After all, Bitcoin prices should’ve fired up like a rocket as more and more people wanted to buy Bitcoin to get their free B2X (Segwit2x) coins. It was a mystery until the news of a potential bitcoin ban in South Korea made the news overnight. Again all the naysayers and doom-and-gloom people came out of the woodwork to pile on. I just yawned in boredom and started to laugh at the ludicrous position of all these people.
That’s because few people in the media, if any, can recall the big China cryptocoin clamdown last summer. China basically through all of their exchanges under the bus and made it impossible for any ICO to launch. Yes Bitcoin dropped on the news. It dropped a lot. But then it rebounded in a few short days and shot up to a record high and kept going on up into orbit eve since Like I said – Bitcoin ban in South Korea – So what?
Besides, South Korea is only at the thinking of stage of any cryptocoin regulation. There is no Bitcoin ban in South Korea and there probably never will be. This is just another example of government regulation of people’s freedom more than anything else. South Korea’s concerns that people will over-speculate on Bitcoin or other cryptocoin is unfounded. Curiously,just yesterday Massachusetts issued its own exploration of Bitcoin regulation for residents under the pretense they need to protect people from the potential corruptive power of cryptocoin.
When China put the screws to cryptocoin a few months ago the fear didn’t last more than a few days. Everyone found a way around it and cryptocoin transactions are happening in China every hour of every day. A Bitcoin ban in South Korea – while unlikely – will be ineffective at deterring anything. with history as our guide there is every reason to be confident in a quick rebound of Bitcoin price.