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September wasn’t the best month for Bitcoin. After China announced at the beginning of the month that fundraising trough ICOs is now forbidden for Chinese citizens, Bitcoin’s price dropped below $4000.

A few days ago, Hu Bing declared that China will try to resume ICOs in the future. But, things will be different as People’s Bank Of China declared. They will start working on a regulation technology in order to separate the risky ICOs from the innovative ones.

China’s Rumors drop the Bitcoin price lower

However, more bad news appeared from China. Rumors say that Bitcoin exchange businesses are about to be banned in China. Jihan Wu, the Co-founder of Bitmain tweeted : None of the Bitcoin exchanges in China has the licenses that should be required for order book exchange. Such law is older than Bitcoin. [1]

After these rumors appeared, some of the established China exchanges stopped operating. Events like these make people ask: What is People’s Bank Of China planning? OkCoin, BTC China, and Huobi announced on Monday that they hadn’t received any regulatory notices. While the rumors affected the market, Bitcoin and other cryptocurrencies are still legal in China. OkCoin announced that if the rumors are true, they will be running offline trading for users.[2]

Best thing to do right now is wait and see what China has prepared for us. We can also notice a good part in China’s rumors: the price of Bitcoin dropped from $4400 to $3800. If you ever wanted to acquire more Bitcoin: $3500 – $3900 is the range you need to look at.

Jamie Dimon calls Bitcoin a fraud

Jamie Dimon – the chairman, president and chief executive officer of JPMorgan Chase – knows how to put himself in the spotlight. Recently, the billionaire executive announced that Bitcoin is a fraud[3]. But there’s more. He publicly declared that he would fire any JPMorgan employee who traded it.[4]

“I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

He also made a reference to the 17th century tulips mania that swept in Holland. Quoting him, Bitcoin is “worse than tulip bulbs” and “will eventually blow up”. Let’s not forget that Jamie Dimon is the same person who said there’s no way an entrepreneur will run an economy system based on Bitcoin back in 2015.[5]

One thing is for certain, when Jamie Dimon says a bad thing about Bitcoin – it’s time to buy Bitcoin. 

[1] – https://twitter.com/JihanWu/status/907662433052803072

[2] –  https://www.theverge.com/2017/9/11/16288898/china-shutdown-rumored-bitcoin-exchanges-crackdown

[3] – http://money.cnn.com/2017/09/12/investing/jamie-dimon-bitcoin/index.html

[4] – https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

[5] – https://www.youtube.com/watch?v=7XApLg-m-Uo&feature=youtu.be&t=296

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