China foolishly bans ALL cryptocurrency transactions

From Bloomberg:

Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated.

Bitcoin slumped in the wake of the announcement, falling 8% to about $41,000 as of 9 a.m. in New York.

Chinese officials are going further to stamp out crypto trading for its ties to fraud, money laundering and excessive energy usage. China already has rules that bar banks from offering crypto-related services. To get around such rules, traders have moved to over-the-counter platforms and offshore exchanges.

I'm no longer afraid of China, at least not for the long term. They're so arrogant they believe they can control and shape the future of finance and exchange by banning cryptocurrency. Dear China, that ship has sailed long ago. Have fun playing catch-up forever.

Keep chasing that elusive leprechaun with promises of total control and power at the expense of your future, China. There will always be leprechauns to chase, as people will never stop finding ways to subvert authority.

With the uncertainty about China largely out of the way, perhaps the cryptocurrency scene can finally start growing into its own (in any case, now's a good time to buy). It's time to leave the CCP in the dustbin of history.