China is cheating the world economy, India and South Korea are afraid of being cut off, and the United States, Russia and Japan are suddenly reversing?

On February 1, Bitcoin plunged nearly 12%, falling below $9,000 for the first time since November last year. It was also a 55% drop since its peak of about $20,000 in December last year. According to this flash crash trend, it may not be long before Bitcoin will become immortal in the virtual mine. Of course, Bitcoin may also rebound or even soar again. It's just that between the rise and fall, the mysterious behind-the-scenes of Bitcoin may start a crazy harvesting mode, and those countries obsessed with this craziest world economic scam have become the leeks to be harvested.

Image source: atozforex

Since China banned Bitcoin trading in September 2017 and escalated its crackdown on Bitcoin-related mines and services in January 2018, many countries in the world seem to have awakened overnight and joined the camp of vigorously blocking Bitcoin. For example, Indian Finance Minister Jaitley said that India will ban the use of cryptocurrencies including Bitcoin for illegal purposes, emphasizing that the government will not recognize cryptocurrencies as legal tender, which suggests that the Indian government may ban cryptocurrencies. For another example, South Korea has recently taken frequent regulatory actions against Bitcoin. On January 16, the South Korean financial information website Money Today quoted a Ministry of Justice document saying, "It is necessary to repeatedly warn of the risks of cryptocurrency trading, and it is necessary to take a series of "soft landing" measures to gradually withdraw speculators from the cryptocurrency market." According to Yonhap News Agency, South Korean Finance Minister Kim Dong-yeon mentioned in a radio program that "closing virtual currency exchanges is still one of the options." It is interesting to note that the United States has also recently changed its usual practice and began to strictly regulate Bitcoin.

Image credit: BITCREARCSHI

The U.S. Securities and Exchange Commission (SEC) announced that it would suspend the ICO token financing of AriseBank, which claimed to have raised $600 million, and freeze the assets of AriseBank and its two founders. Bloomberg reported, citing insiders, that last month, another regulatory agency, the U.S. Commodity Futures Trading Commission (CFTC), issued subpoenas to two cryptocurrency trading platforms, Bitfinex and Tether. Previously, there was a speculation that Bitcoin was a tool invented by the United States to shear the world's wool after the last financial crisis. However, after the Chicago Exchange officially traded Bitcoin futures, the United States changed its normal state and turned from being ambiguous to pouring cold water on Bitcoin. There is also speculation that after the United States invented Bitcoin, it actually targeted China, whose economy is dazzling, for shearing, and concocted a crazy growth model to attract Chinese investors to take the bait, in order to achieve the purpose of harvesting.

Assuming this speculation is finally true, to the disappointment of the United States, China took the initiative to cut off Bitcoin. The United States had no choice but to focus on Japan, South Korea, and even India. In terms of economic scale and insight into the character of regional investors, this speculation seems to make sense. Only when South Korea and India realize the crisis will they intensify their efforts to crack down on Bitcoin.

Image source: jtf

Currently, only Japan remains committed to Bitcoin. Despite the recent hacking of Coincheck, one of Japan's largest virtual currency exchanges, which caused a loss of about $500 million, Japan still supports Bitcoin transactions. According to Bloomberg, the Japanese Financial Services Agency searched the office of the cryptocurrency exchange Coincheck and took away documents and computers as evidence. Japanese Finance Minister Taro Aso said the search was to ensure the safety of users. It is worth mentioning that Yitanzi, a real estate company in Tokyo, Japan, will sell a commercial building for 547 bitcoins in the next few weeks. This is the first building in Japan to be sold using bitcoins. If converted into US dollars, the building will be sold for $6 million. On the company's website, there are other buildings for sale in Bitcoin.

Image source: marketwatch

What is particularly surprising is that after Russia ordered the development of a new cryptocurrency in January 2018, it recently planned to open its doors to welcome the "immigration wave" of Bitcoin mining to generate revenue for the country's finances, which means that Russia seems to have acquiesced to the Bitcoin-related industry. However, what is puzzling is that this is a big reversal in Russia's attitude towards Bitcoin. In 2017, Russian President Putin publicly stated: "Cryptocurrencies like Bitcoin pose serious risks, causing people to launder money, evade taxes, and even finance terrorist activities, creating fraud scams that are bound to affect ordinary citizens." (End)