Bitcoin and the other cryptocurrency are taking a hard turn for the market. The Chinese government had put a crackdown on cryptocurrency and that is making things a lot more difficult for the industry. No that is not just the end of it. The people’s Bank of China went ahead and Said that all these cryptocurrency-related activities are actually illegal. Thus this statement is not taken very well and what lays ahead in the future is something that concerns us.
Craig Johnson who is the chief market technician at Piper Sandler had some words to share on this statement from the bank. He said the latest announcement made by the bank is more of a bark than do any actual harm of a bite.
“The whole discussion that had been going on and on about the cryptocurrency that this is going to be made illegal and stuff seems to be completely useless. I personally think that it is ultimately going to play out. We are not hearing this for the first time. The same thing, we have heard this time in and time out,” Johnson said to the press.
Johnson himself is a person who mines a Bitcoin. He says that this is a weakness that the statement had made. It offers an entry point to get into the business of Bitcoin at a lower price. He is trying to turn something negative into something positive by endorsing more people to join the business.
“This little lower high that had been going on in here is nothing but an opportunity, it is going to be a great opportunity if you seize it,” said Johnson. So if his advice is to be taken then this is more of a good thing than something bad. So you can also follow his advice given.
As of now, we are not nearly sure about what is going to happen further down the future but we do hope that it is a business that will not go out of business. Maybe that halt is just temporary and it will work out well in the long run. We will definitely keep you updated on the news.