Reminder to Newbies: China already BANNED crypto like 15x and they will keep doing it because newbies panic sell everytime they do it. HODL ON!

With the surge of new subscribers to this sub, it's safe to assume that we got a lot of new investors coming into crypto in the past few months.

It's important to know that there's 1 thing that keeps happening during a bull run:

CHINA ANNOUNCING THAT THEY BANNED BITCOIN & ALL CRYPTOS

And the market always dumped immediately after.

Here are some history lesson of China banning Bitcoin:

2009

(1) China's Ministry of Commerce barred the use of blockchain-based currency for purchasing goods. (Source)

Even during Bitcoin's infancy, China already one step ahead.

2013

(2) People Bank of China (PBoC) prevented financial institution to use BTC. (Source)

This happened when BTC first reached above $1000 and dumped immediately after

2014

(3) A Fake news in Weibo said that China Central Bank will ban all BTC transaction. Although it's fake, the dump is as potent as if it's real. (Source)

(4) At roughly the same time, a Chinese exchange FXBTC, closed it's door due to regulation. (Source)

This result is BTC price dumped from ~$700 to ~$350

2017

(5 & 6) Twice in September, China government officially banned exchanges from servicing users in China. (Source)

This causes BTC price dumped from ~$4500 to ~$3500 before skyrocketing to $20,000 few months later.

(7) In October, BTCC (Chinese exchange) forced to close by government. (Source)

(8) China cracked down on ICO and banned any Bitcoin transaction which was 80% in China at the time. (Source)

2018

(9) In January, there's a report that China cracking down on Bitcoin mining. (Source)

With addition of speculation that Chinese people cashing out for Chinese New Year, Bitcoin price plummeted from $17,000 to $7,000

2019

(10) China’s National Development and Reform Commission (NDRC) revealed a draft that they are planning to ban Bitcoin mining... Again (Source)

2020

(11) In November, Hong Kong government announced ban on retail crypto transaction. (Source)

2021

(12) In May, China Banking Association issued a statement warning against investing in cryptocurrencies. (Source)

They timed this announcement perfectly as soon as Elon Musk energy FUD dumped Bitcoin from $58,000 to $50,000. This action dumped it further to $36,000

(13) In June, PBoC ordered all banks and mobile payment service to prevent purchase of cryptocurencies (Source)

(14) In the same month, Chinese officials issued ban on Bitcoin mining, effective immediately. (Source)

These 2 events spiraled down Bitcoin price to $28,000 at its lowest point.

(15) In September, once again, China declared all crypto transaction is illegal. (Source)

As usual, it dumped Bitcoin price from $51,000 to $42,000

TLDR

Don't be afraid of China ban. They've been doing it since 2009.