China: Bitcoin is the safest Investment in this Rocky World

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As per yesterday’s news, Xinhua News Agency, a state-run media firm, published an article related to Bitcoin’s recent rise. The analysis solely aimed at the bullish surge of the coin in the market and thus it concluded Facebook’s newly dubbed Libra coin as a possible cause for the high rise.

Further discussing, it said that Bitcoin has proven to be safe heaven thus attracting more investors. The article also pointed towards the global market that has become more volatile due to current trade disputes and the long-awaited downturn of the global economy. All this comes at the same time as the Trump government is imposing further tariffs on Chinese imports.

The Chinese government previously was very dismissive of Bitcoin and other Cryptocurrency, in general, has now called for greater regulations of digital currency and has repeatedly banned numerous Bitcoin related activities.

As the relationship of China with the digital currency has not been good so far, but for now Chinese investors can only own and hold digital assets, but still, things such as Bitcoin trading and Organizing Initial Coin Offering (ICOs) are still prohibited due to state-imposed bans.

According to a report in April, the country was even imposing ban over Bitcoin Mining thus making the things worse.

Also Read: Bitcoin Will Hit $20,000 in Next 2 Weeks