What is up with the crypto markets? South Korea proposed exchange ban, Warren Buffett spreading FUD 15.01.18.
So, currently markets are recovering after yet another dip, that was caused by the news of a cryptocurrency trading ban in South Korea, which of course fueled a lot of FUD.
Source: kryptomoney.com
To cut it short, no. All that happened was that South Korea's justice minister proposed a cryptocurrency exchance ban in South Korea, to try and stop fraud and other criminal activities using cryptocurrencies, after which a lot of backlash happened, petitions were made with thousands of signatures. Basically the crypto community in South Korea wasn't happy.
Of course this was only a proposal, which wouldn't take place for months or years even if it was approved. The government has since stepped back on the proposal saying that it will be thought about and won't take place in short term and a decision would be made after a lot of consultation and coordination of opinions.
Anyways, at the moment there is basically no reason to worry about the South Korean government banning bitcoin or other cryptocurrencies. Even if they decide to ban them(which most likely won't happen in the near term, if ever), there will be a lot of backlash from the community.
Source: CNBC.COM
So Warren Buffett has been spreading a lot of FUD about cryptocurrencies even though he basically knows nothing about them. He has basically said that the crypto markets will fall, there is no future for them and a ton more of nonsense. He is an extremely successful investor and a self made billionaire, but he knows absolutely nothing about crypto, but of course, since he is such a successful investor his words mean a lot and are spreading FUD, because he has been right in a lot of his previous predictions in the stock markets.
Of course this has affected the crypto markets a little bit as well as the news of the proposed Korean exchange bans, but currently the currencies are back on an uptrend after the bad news.
This post has received a 0.73 % upvote from @booster thanks to: @dukmaster.