Bitcoin up 36% YoY after China warned BTC was ‘heading to zero’

The government of China has tried hard to make people believe that Bitcoin (

China was one of the first countries in the world to take regulatory action against crypto. In 2017, Chinese regulators banned cryptocurrency exchanges from providing services in the country. Despite the ban, Bitcoin continued to hit its all-time highs, surging 1,900% all the way up to $20,000 by the end of 2017.

In 2021, China’s central bank announced a new ban on crypto, uniting forces with various Chinese authorities to crack down on local crypto activity. Just a few months after the ban was announced, Bitcoin hit its all-time high at around $68,000 in November 2021.

Despite “banning” crypto in 2021, China has remained the second-largest Bitcoin miner in the world. The Chinese government also seemingly allows citizens to own cryptocurrency and protects the rights of crypto investors.

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