PBOC Soften – Bitcoin Prices Recovered Essay Example
PBOC Soften – Bitcoin Prices Recovered Essay Example

PBOC Soften – Bitcoin Prices Recovered Essay Example

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  • Pages: 3 (664 words)
  • Published: June 29, 2018
  • Type: Essay
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During a conference in Boao, Hainan, Mr. Zhou, Governor of the PBOC, made an important statement addressing the possibility of banning Bitcoin. He emphasized that since Bitcoin was not initiated by central banks, it cannot be prohibited. This declaration holds significance due to recent rumors regarding China's potential ban on Bitcoin. Although the People's Bank has not made any official statements on the matter, the leader's mention of Bitcoin and his somewhat supportive comment had a positive effect on the cryptocurrency's value.

Despite recent news, the main concern is not whether the PBOC will ban Bitcoin but if Chinese banks will be prohibited from engaging in bitcoin transactions through informal regulations. Even if Mr. Zhou's statement is genuine, the central bank still has authority to instruct banks to avoid activities related to bitcoin.

Any positive stance from the PBOC or any official agen


cy is beneficial for cryptocurrencies in general.

The breach of the $400 support level on Thursday caused a small rebound in Bitcoin prices. According to the Winkdex, BTC prices have now stabilized around $420.

Reports from Chinese Media state that the PBOC Governor of the Chinese Central Bank has refuted any intentions to prohibit Bitcoin.

Prices have increased by approximately 15% since Friday's announcement.

At Huobi, the BTC/USD price surpassed other exchanges and reached $430 (equivalent to RMB 2,700).

Bitcoin Vox Analysts have upgraded their recommendation to NEUTRAL on Friday, stating that the current trading prices are attractive.

Despite efforts to recover, Bitcoin has seen a decline of about 50% in the last three months and over 60% from its peak value of $1,100 in the previous year.

There have been recent Bitcoin events in New York City, including the Inside Bitcoin

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NY 2014 edition and the Crypto Currency Convention.

The Bitcoin Center New York City, located on 40th Broad Street near the NYSE, offers extra benefits specifically for Wall Street. This center adds a personal element to Bitcoin.

Bitcoin made progress towards gaining recognition on Wall Street this week by being offered as a payment option at the Security Traders Association of New York's annual dinner and conference.

Pushing for a new and unfamiliar virtual currency to be discussed on the agenda was a significant accomplishment. STANDY, in its 78 years of existence, has been organizing these dinners that are known to include a generous amount of alcohol.

There are many members of this organization who are similar to Aldo Parcesepe. Parcesepe had a successful career at Bear Stearns, where he managed their Nasdaq trading operations for 25 years. Christopher Cornette, a floor broker at Albert Fried ; Co., considers Parcesepe a legendary figure. Cornette recently had a heated debate with Parcesepe about Bitcoin after attending a panel discussion on the topic.

According to STANDY board member Bill Karsh, there was some hesitancy, especially from the bulge bracket participants, when they introduced the Bitcoin payment option.

According to Karsh, the Bitcoin idea was created with the intention to attract younger participants. Karsh, who is the chairman of bitcoin exchange operator Atlas ATS and has extensive experience in senior management positions with stock exchange operators, expressed his desire to involve people in their twenties and thirties. During a panel discussion, Karsh gestured towards Brock Pierce, a 33-year-old bitcoin entrepreneur, who had just presented his pitch for the digital currency.

During the panel, SecondMarket CEO Barry Silbert, who has established the Bitcoin Investment

Trust, conducted a vote to determine the audience members' stance on Bitcoin. He asked them to identify themselves as either "Bitcoin believers" or "Bitcoin skeptics" by a show of hands. The results aligned with his expectations, with 5% identifying as believers and 95% as skeptics.

But later, Mr. Pierce shared that the queries he had received were mainly from male individuals identifying themselves as skeptics, which he considers to be a step forward. However, Aldo Parcesepe remains unconvinced. Expressing his confusion, he remarked, "I fail to comprehend who will support that currency. I don't perceive it as a reliable asset," as he shook his head.

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