Is China about to lift its ban on Bitcoin once again? Recent speculation within the crypto community suggests that the country may be on the verge of allowing ownership of cryptocurrencies once more.
Reports indicate that the Chinese government may be considering allowing the ownership of cryptocurrencies again. Bybit, one of the leading cryptocurrency exchanges, has reportedly resumed registration and authentication of cryptocurrency users in the country, as per local media reports. This move by the exchange comes despite no official change in the government’s stance on cryptocurrencies.
According to a well-known cryptocurrency commentator named Cyclops on the X platform, China is on the brink of permitting Bitcoin once again. The analyst believes that this move could have a significant impact on the cryptocurrency market, potentially leading to a 100x appreciation. “China is gearing up to allow crypto once more! Many altcoins could see gains of over 100x if this happens.”
In his analysis, the expert predicts that several cryptocurrencies linked to China have the potential to increase by 5 to 100 times within the next three months. “Just imagine the influx of liquidity from over 10 million new users. As a result, many China-related tokens could surge by 5-100x in the next 2-3 months. Now is the prime opportunity to invest before the news spreads like wildfire,” he emphasized.
In June 2021, the People’s Bank of China (PBOC) called for stricter regulations on dealings involving virtual currencies. The following month, China reiterated its ban on cryptocurrencies, citing the risks associated with speculative trading at the time.
Please note that the opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.