📰 CRYPTO NEWS
The Chinese government is seeking to confiscate more than 61,800 Bitcoin linked to a $5.7 billion mega-scam, which would make it one of the largest crypto seizures in history. This move comes just days after a UK court ruled that Chinese law governs victims’ claims to those coins. That’s an enormous amount of BTC which, if it were to fall into the hands of the Chinese state, could create significant selling pressure on the market. Keep in mind that 61,800 BTC is currently worth billions of dollars, potentially entering circulation. What we need to keep a close eye on is what China decides to do with those funds once it has them, because a move of that magnitude could cause significant volatility in the price of Bitcoin at any time.
What do you think? Let me know in the comments 👇
The Chinese government is seeking to confiscate more than 61,800 Bitcoin linked to a $5.7 billion mega-scam, which would make it one of the largest crypto seizures in history. This move comes just days after a UK court ruled that Chinese law governs victims’ claims to those coins. That’s an enormous amount of BTC which, if it were to fall into the hands of the Chinese state, could create significant selling pressure on the market. Keep in mind that 61,800 BTC is currently worth billions of dollars, potentially entering circulation. What we need to keep a close eye on is what China decides to do with those funds once it has them, because a move of that magnitude could cause significant volatility in the price of Bitcoin at any time.
What do you think? Let me know in the comments 👇