Cryptocurrency

How Bitcoin celebrates the prohibition of TikTok?

During the weekend, the president of the united States, Donald Trump, noted that it would prohibit TikTok in the country, Bitcoin will benefit greatly?

Impact of the prohibition of TikTok in Bitcoin

For those not in the know, TikTok is a platform of China, in which we share videos of various kinds. The platform is now the property of ByteDance, but that may be about to change, given that Microsoft is looking to buy it.

Also, TikTok currently has an estimated 100 million users in the united States, enjoying an explosive growth in recent years. In fact, it has become one of the most downloaded apps of all time.

Obviously, that user base has brought to the attention of Microsoft, given that its acquisition, it would compete against giants like YouTube and Facebook. However, Trump stepped in.

The president of the united States are basically concerned about the data collected by the application. Above all, by the possible link that might have with the chinese government. And, therefore, justify the prohibition.

In this sense, ByteDance offered to waive 100% of the operations of TikTok in the united States, with the aim of avoiding the prohibition of the platform. However, the comments from Trump drove Microsoft to stop the negotiations.

But there is still confusion in the environment, given that, for the time being, TikTok has not been banned. However, it is still a possibility and Bitcoin could be affected.

What positive impact?

Keith Wareing, writer for CoinTelegraph and Youtuber, wrote an article where he studies the possibility that Bitcoin will see benefit of the prohibition of TikTok in the united States.

Basically, Wareing explained that the company Block.one is pointing to the users of the Generation Z ,who come from TikTok, change your platform to Voice Social Media.

Particularly because, to enforce the prohibition of TikTok in the united States, would generate a market opportunity associated with 80 million users, which can be covered by a social networking platform based on the Blockchain.

Of course, if so, this could attract a significant amount of users to the crypto-ecosystem that could facilitate the adoption of Bitcoin and the rest.

It is certainly a possibility and a market opportunity important. But it is not so simple, to try to replace what offers TikTok may not be so simple. Other platforms, such as Music.ly, had not the success they expected.

So, although there is the possibility, several factors come into play and there also comes the possible acquisition by Microsoft.

On the other hand, Wareing offers two possible scenarios for Bitcoin: Bearish and bullish. Particularly, it establishes that failure to maintain the resistance of $ 10.500, could fall to $ 9.500.

However, if it is able to increase and remain above $ 12,000, then the next resistance level would be $ 13.500. But, from your perspective, Bitcoin could remain stable.

TikTok could be a few hours of being banned in the united States and the crypto market would have a huge opportunity that would benefit Bitcoin.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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