Charlie Lee, the creator of Litecoin, announced that according to his source, China will not ban bitcoin mining or the bitcoin network, contary to the rumors. He says the rumors are being propagated by large-scale traders who are attempting to manipulate the bitcoin price.
Lee revealed this information Thursday night on Twitter, stating that he had not traded on the knowledge before making it public.
This twitter info shows than not only Charlie Lee is against the rumors, major players like MGT Capital’s John McAfee and Bitmain co-founder Jihan Wu are also denying China cryptocurrency ban. Chinese miners are accounted for the majority of the bitcoin network hashrate, so such rumours are quite impactful on the markets. Fear and doubt are high, and this is what large manipulators of the market want. Lee mentioned:
They know that China ban FUD works and cannot be proven wrong.
He added that the order-book exchange ban “is still absolutely true” .
Lee has been ahead of much of the recent news regarding China’s cryptocurrency squeeze. Citing an anonymous source, he predicted the bitcoin exchange ban, along with OKCoin and Huobi’s meeting with regulators to discuss the terms of their closures. He has not revealed the name of his source, but many on social media have speculated that it is his brother, BTCC CEO Bobby Lee.