Crypto Why Is Bitcoin Rising Despite Ban?

[Good-Guy]

We all know that Bitcoin was banned by a so-called "country" in the recent times and many people belive that it can have serious consequences on the value of bitcoin. This was true to some extent because when the coin was banned, the price of Bitcoin did decrease a lot. This created much tension in the crypto market and many people were expecting that Bitcoin will continue to fall for more weeks. However, this did not happen. According to the latest data, Bitcoin is rising a bit more despite falling down after it got banned and this is something strange which was never observed when the crypto market crashed a few months ago. So, what are the main reasons for a slight rise in the price of Bitcoin?

 

[Swissycheese]

China 'bans' crypto at least once a year and they do not have much influence over the price. Most likely buying into it themselves while trying to deny their citizens. Most of who will still be holding and buying 'illegally' with VPNs etc

 

[btaliat]

Bitcoin can not be broken. In one of my comments, I said it is a bigger project that it is bigger than the launcher. It is more than 12 years now and still improving. This is to show that people believe more in its future. No one shook even when some countries started regulating or even banning it.

 

[Youarewelcome]

Bitcoin will reach 100K soon! you will see soon i will share a video about that

 

[Wisdom01]

This shows that people are less concerned about the ban on Bitcoin ,they are more concerned about the increasing price of Bitcoin than the ban ,since that's not their focus for that moment I think ,the fear factor of countries banning Bitcoin is gone people no longer care about the ban

 

[Suba]

The state or government can only ban its citizens from using Bitcoin and global exchanges to operate in its territory, but cannot stop it completely, because to completely stop crypto transactions the government must turn off the internet. In fact, there will be more crypto users, as well as many institutions storing Bitcoin as a hedge.

 

[btaliat]

As we have many countries that do not believe in the future of crpto, we also have several countries that know what crypto stands for and also believe in it. In some of these countries, instead of banning crypto, they only create an enabling environment for it by making sure its activites do not affect the government and the citizens