|
Any company accepting bitcoin for payment would probably exchange it for fiat right away. At least the wholesale value of it, using the remaining profit as an investment.
That's just how it is right now. Hopefully eventually it won't be like that. That is what I am banking on, and why I am not going crazy buying and selling all these peaks and valleys.
The more I read about "the china statement" the more I realize that it is really stupid to give up on bitcoin all together, and freak out selling all your holdings.
By saying "Bitcoin is not a currency in China" they are basically letting people using it however they want - this includes using it in exchange for goods and services (ie as a currency).
Had they said it was to be recognized as a currency, allowing banks to start buying and selling it, THEN you would see a huge bubble (think Lehman brothers) and then people would be really fucked, not just speculators who are playing around with money they are willing to lose in a gamble.
I hope Bitcoin eventually becomes a big part of our lives - that is the 'gamble' I am making by not buying and selling for cash. Nothing the Bank of China said works against that from happening. They are just keeping it fenced off from their main currency, like any country would do right now.
|