Recently, BTC has continued to float in the $34,000 range, which seems to have temporarily stabilized the market, giving investors a room for calm thinking. The market's ability to digest this wave of bad news so quickly is mainly due to the market's anticipation of the policy. In fact, many people already know that China might ban BTC completely, but they didn't expect it to come so quickly this time. BTC has withstood the pressure this time and has not seen a sharp decline. Many people believe that China has no ability to influence BTC.
As the second largest economy in the world, China still has some people neglect its influence. Is BTC a global currency system? How can globalization ignore the world's most populous country, and the 1.4 billion people market has been so lightly described? If the price of BTC is not subject to changes in the market, the problem may be even more serious. If the price of BTC has nothing to do with the size of the market, it is likely that the price has been artificially controlled. In fact, this possibility is very high.
Of course, some people say that even if BTC loses the Chinese market, it will also develop in other regions. For example, a backward Latin America, Africa and some Asian countries have high demand for BTC. Especially in some regions where China's currency system is not perfect, such as El Salvador and some African regions, BTC may be just a currency for them. This is actually the good news that is often mentioned when propagating BTC. I also support this point.
I am most impressed by Zimbabwe. In Zimbabwe's difficult times, the price of Zimbabwean currency is actually similar to that of waste paper. At this time, when people are asked to choose between Zimbabwean and BTC, I think I will choose BTC without hesitation. This is also the value of BTC. The African region can be said to be quite backward. Alex Gladstein, Chief Strategy Officer of Human Rights Watch, mentioned that the franc once controlled 15 African countries and 180 million people in Africa, which shows that there are problems with the currency systems of many African countries.
On June 19, Jean-Claude Cassie Bru, chairman of the Economic Community of West African States, stated at the 15-nation summit of ECOWAS that he would follow the example of the European Union to issue a unified currency to solve their currency problems. I read the comments on the Internet, and many netizens are not optimistic about this move, thinking that they are not as good as using BTC. Mike Novogratz, CEO of Galaxy Investment, even stated that BTC is the future of Africa. In fact, this question is not easy to draw conclusions. Personally, I am not optimistic about their unified monetary policy, nor are they optimistic about their use of BTC.
Europe also did not go well when issuing the euro. The countries that are not EU countries are generally very rich and may not be able to resist it at all. The conditions in Africa are not even worse than those in the European Union. Therefore, problems with such a new unified currency may cause systemic risks. But I am not optimistic about their use of BTC, although BTC looks better than their current use of fiat and franc, but it is only relative. If you compare BTC with the U.S. dollar, euro, and renminbi, BTC is actually not suitable for the land of Africa.
Or to put it more bluntly, BTC will not become Africa's future, nor is it Africa's hope. The land in Africa is already riddled with defects, and the living standards of the people are also very backward. The capital magnates should stop using BTC and reap the wealth of the African people. I personally think that BTC is not about developing the future of Africa, but about reaping the future of Africa. When African people use BTC, they are actually drinking poison to quench their thirst. In the end, the bones that may be eaten by capital giants will not be left.
BTC is now mainly in the hands of a few capital giants. They have invested a lot of financial and material resources in order to hype BTC. In the future, they will definitely make money back. Now that China has closed the market of the world's second largest economy, their successors must be found elsewhere. At this time, if there are African countries willing to accept BTC, then it would be better. But Africa is so backward, you may not be able to buy things with US dollars, let alone use BTC.
They may have no internet at all, or even a smart phone. What do they do when they buy BTC? If they exchange their property for BTC, then they may have to give everything they have to BTC. Now the capital giants hold a large amount of BTC. If they follow their theory, BTC will continue to appreciate in the future. If the African region must support BTC, it means that these capital giants do nothing. In the future, we can wait for BTC to appreciate before harvesting the wealth created by the African people.
If the capital giants abandon BTC at that time, then BTC will take away Africa's future.
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