Jun 24, 2021 Guest(s): Saifedean Ammous Author, The Bitcoin Standard
Bitcoin took a beating on Tuesday, extending losses all the way down to $29,300, a level not seen since January, before climbing back, ending the day at $32,000.
The main concern that spooked Bitcoin investors was news that China is tightening its grip on crypto transactions and mining, shutting down 90% of the country's mining capability.
Additionally, the People's Bank of China ordered a halt to over-the-counter (OTC) transactions.
Saifedean Ammous, author of "The Bitcoin Standard", told David Lin, anchor for Kitco News, that you can't technically "ban" Bitcoin and that historically, even following an 80% correction, the price has always bounced back.