Bitcoin reached just over $4,900 in early September, right before Chinacame out and banned Bitcoin Exchanges and Initial Coin Offerings. South Korea followed suit closely and the market dipped, reaching a recent low of $2,946 days later on September 15th.

Two weeks ago, Bitcoin’s market share dominance was climbing past 50% of the market while the price was nearing $5,000. Today, Bitcoin makes up 57.6% of the overall cryptocurrency market, and rising swiftly with a price of $6,030. Is the average person finally starting to see value in Blockchain technology and cryptocurrencies? Or could this be the catalyst something much, much bigger?

China & South Korea Bitcoin Exchange and ICO Ban Does Not Slow Growth, At All

In a recent Forbes article published just 2-days ago, the author describes the cryptocurrency markets very succintly from a regulatory standpoint:

Not even an obedient service dog can sit still forever.

Just because China and South Korea ban ICOs and Bitcoin exchanges does not mean much negative for blockchain and cryptocurrency projects — Chinese companies will just have to adapt to other alternatives. Maybe less capital on the market to grab, but that’s not a bad thing considering $3 BILLION has been raised in ICOs during 2017. The article goes on and includes a quote from C2CX CEO, Scott Freeman, who explains China’s consequence of banning Initial Coin Offerings. I agree with his comment very much:

“For China, financing their blockchain companies is just going to happen outside of China. For foreigners looking to tap Chinese money, they will either wait a while or look elsewhere. People are adjusting.” -C2CX CEO, Scott Freeman

The main point here is that China is not benefiting all that much from banning ICOs and Token Sales in their country. Companies will simply raise capital from countries outside of their own — something that global foreigners really don’t mind. The way I see China not being able to access ICOs:

Great company runs ICO; China could not participate; TONS of Chinese capital flows into those projects China could not access during the ICO — this would more likely cause the price to jump than to decrease.

This benefits others outside of China much more than China itself at this point. I have read about major scams going on in China that had not been publicized in other parts of the globe; but the country has a much larger problem if hundreds of millions are being raised by scammers. Banning ICOs isn’t the only way to deal with this and has only brought more attention to the subject.

World Powers At Play

Considering cryptocurrency is a medium of value transfer and so, so much more — this gives countries who have never had a shot at competing the ability to compete with some of the largest world powers utilizing blockchain technology! Think about it. We all know China is working to learn more about it as well as Russia’s government. South Korea’s government, I’m sure, is working to learn about it. The United States government is already creating and deploying new cyber security teams to focus solely on ICO regulation. South American countries are even starting to see Bitcoin as a more viable currency option than their own! To say the least, things are getting real.

Couple things I want you to think about after reading this:

Are world powers working to take advantage of blockchain technology to up their rank among the world powers?

2. Is China, South Korea, and the US regulatory bodies actually fueling the mainstream adoption of Bitcoin?

3. Are world powers fighting with financial institutions (big banks like JPMorgan) to gain access to the Bitcoin power?

Thanks again for following along on yet another market update! Feel free to follow me on here as I continue to cover Initial Coin Offerings and Cryptocurrency News!

Below are some resources for beginning cryptocurrency enthusiasts or others interested in something new: