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China Declares War On Bitcoin

Today, China announced a war on Bitcoin.

Chinese bank deposits shouldn't be allowed to be transferred to Bitcoin as Bitcoin isn't a real currency. I shouldn't tell you how important this is. This means China is viewing Bitcoin as its enemy and encouraging its citizens not to believe in it. Instead they probably want every Chinese to have gold in its possession.

We saw a 20% drop instantly when the news came out and rightly so.

Because, when China does this, America and the whole world will follow in its footsteps. They basically made Bitcoin illegal. The normal people like me, who don't want to do all this downloading of programs and all, want "comfort". Which means, I want to just transfer my money from the bank to a provider like Mt. Gox. But if this is not possible anymore, I lose this "comfort" in trading. Do you really think that people will still want Bitcoins if the government and their banks turn against you?

Unless you want to trade Bitcoins on the black market by going to Bitcoin trading spots, I would be very wary about Bitcoins after this important event.