In the past week, the Chinese government has stepped up their pressure on startups that are engaged in the business of digital currency (cryptocurrency). At least five startup cryptocurrencies in China have announced the closure of their services.
BTC will follow BTCC by discontinuing service in China on September 30, 2017.
Yunbi will stop all buying and selling activities of digital currency on September 20, 2017.
OKCoin and Houbi will do the same on October 31, 2017.
Then how are the price developments from digital currencies like Bitcoin and Ethereum? Here are some things that happened in the world of cryptocurrency last week.
The value of cryptocurrency back up
A week ago, the total value of all digital currencies reached its lowest point in 51 days, amounting to US $ 97.8 billion (about Rp1,304 trillion). But on September 22, 2017 yesterday, the number managed to rise about thirty percent to the figure of US $ 127.9 billion (approximately Rp1, 705 trillion).
This trend was followed by Bitcoin prices which rose from US $ 3,000 (around Rp40 million) to US $ 3,600 (approximately Rp48 million) in the last seven days. Ethereum prices also rose from US $ 200 (approximately Rp2, 6 million) to US $ 268 (approximately Rp3, 6 million) in the same period.
How is Bitcoin's future going forward?
Some of the characters, ranging from Warren Buffett, Bill Gates, and Jack Ma, have expressed their support and rejection of Bitcoin. And over the past week, some figures have reiterated their opposition to the digital currency.
Ray Dalio, founder of investment firm Bridgewater Associates, stated that cryptocurrency is not an effective place to store property, because the price is up and down and full of speculation.
John Hathaway, a gold investor and General partner of Tocqueville Asset Management, stated that cryptocurrency is "rubbish".
But despite these rejections, including pressure from the Chinese government, the value of cryptocurrencies such as Bitcoin continues to show positive developments.
quote
I doubt the success of the Bitcoin ban. If a government like China feels the need to ban something, then it means the technology works well. In other words, this also proves that (Bitcoin) is something that is free from government influence, and that is quite radical.
-Peter Van Valkenburgh-
More important news
Ethereum will be able to replace Visa cards within the next few years. (TechCrunch)
Global Brain, Japan's largest venture capital company, will create a new subsidiary to research and participate in Initial Coin Offering (ICO) technology. (Tech in Asia)
Investor Taizo Son praised the ICO for democratizing the funding process for both professionals and individuals. (Coindesk)
The recent statement from People's Bank of China cited cryptocurrency as dangerous. (Coin Telegraph)
Sam Altman, president of Y Combinator, stated that the cryptocurrency market is a bubble. But blockchain technology can democratize the investment process. (TechCrunch)