Can Bitcoin reach the $5000 level without China?

Famous economics professor, Panos Mourdoukoutas, columnist for Forbes, wrote in today’s article about the debate over whether Bitcoin can reach $5000 without China: The day turned sharply and rose more than 12 percent in 24 hours.

Other cryptocurrencies followed Bitcoin as well.. Litecoin is approaching 19 percent, while Ethereum is also up 12 percent.

This is something that appeals to cryptocurrencies investors, especially China’s ICOs. should reassure those who buy much above current levels before closing. But can Bitcoin reach $5,000 without China?

Stelian Balta, co-founder and managing partner of HyperChain Capital, thinks Bitcoin can reach $5,000 without China:

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“If we look at Bitcoin and Ethereum from a technology perspective, the bad news doesn’t really matter.. Miners will continue to mine, and developers will continue to create great code and projects.”

Axa suggested that cryptocurrencies could survive and thrive without China.. “I am very optimistic about the global digital asset markets,” he says.. Balta continues:

“Digital assets can be thought of as supply and demand traded goods. There is a constant supply and an increasing demand. China is an important market but news of stock market shutdowns, ban of ICOs have short-term negative effects on prices. Digital assets are a global phenomenon. Big internet giants like Facebook or Google have been banned in China but they are doing pretty well.”

This is not entirely true. There are competing cryptocurrencies mushrooming while the supply of bitcoin is stable, giving investors more options. Comparing digital assets to Facebook and Google is like comparing apples and oranges. While time will tell which direction Bitcoin and other cryptocurrencies will take, one thing is clear: Bitcoin’s buzz is gone for now.. This heavy intervention of the Chinese government, which suppressed the demand for digital assets, was crushed.

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