China’s central bank clamped down on cryptocurrency trading, but Twitter’s decision to let its 330m users send bitcoin to each other hasn’t affected its price.
One bitcoin was worth $42,666 on Saturday, surpassing its value from the beginning of August, but holding above its long-term moving averages.
The authoritarian Chinese government has banned the use of bitcoin in its currency and banned the practice of bitcoin mining, yet the price has only fallen 5% in response to the recent measures.
While mainstream media outlets reported on the negative developments in China, financial outlets reported the positive adoption of bitcoin on Twitter.
Critics of bitcoin have long argued that its high costs and slow processing times prevent mass adoption.
Lightning Network solves this problem by processing payments off-chain, and is already being used in El Salvador.
Strike’s founder Jack Mallers explained that Twitter became the world’s best remittance network when they combined it with Western Union.
The Lightning Network is a new protocol that will allow Twitter users to use bitcoins.
China is worried about bitcoin because it gives its citizens the freedom to move money around the world instantly, without being restricted by Beijing.