• Asia & Australia,  Bitcoin,  Cryptocurrencies

    As bitcoin prices plunge, bulls reassure themselves

    Bitcoin fans on Reddit rationalize their ‘hodl’ positions

    “Pseudo-financial innovations that have no relationship with the real economy should not be supported.” The words of Pan Gongsheng, Vice Governor of the Chinese Central Bank, are ringing loudly in cryptocurrency world’s ears Tuesday. In a memo outlining a discussion held between the various Chinese policymakers and regulators last week, Mr. Pan described a hard anti-cryptocurrency stance. “The financial work conference clearly called for limiting ‘innovations’ that deviate from the need of the real economy and escape regulation,” he said. China-as-cryptocurrency-buzzkill is an established trope by this point, but the memo’s timing carries meaningful impact. It comes nearly simultaneously as commentaries from French finance minister Bruno Le Marie and the…