Charlie Shrem, a bitcoin pioneer and the head of business development at popular cryptocurrency wallet platform operator Jaxx, stated that China has no real effect on the future of bitcoin.

Shrem wrote:

"This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China's relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control."

China is Losing Relevance in the Global Bitcoin Market

Earlier this month, the Chinese government, the People's Bank of China (PBoC), and local financial regulators imposed a nationwide ban on bitcoin exchanges and trading platforms. OKCoin, Huobi and BTCC, the three largest bitcoin exchanges in China, were requested to terminate and halt their operations by the end of October, while other exchanges were forced to shut down their platforms by the end of September.