Last time the domestic policy cracked down hard, the U price inverted, I said it had a significant impact on domestic funding because it would risk control ordinary users' accounts in the name of anti-money laundering.

Many people scolded me for alarmism, spreading panic, saying that the domestic crackdown has lasted for so many years without any noticeable impact.

Today I saw a friend's status in the group, perfectly reflecting my concerns from a few days ago.

1. Will the police station punish you? Definitely not, but being investigated is already very scary.

2. Will the bank refuse to unlock your card? Will WeChat permanently ban your account? No. Just one ban is enough to scare ordinary users.

3. Many people still think it's alarmism: "How can something as simple as 1 and 2 be scary? I'm not afraid at all." I can only say, either you haven't experienced this, or you are counting on gambling in the crypto space to turn things around. (That's right, I experienced it in 2019, which is why I left the space for 5 years and went to the traditional finance industry.)

4. The big bull market in 2017 occurred because crypto exchanges appeared, upgrading the previous offline C2C guarantee model to an online exchange guarantee, which brought in so much domestic funding.

5. To say it extremely, does the domestic policy kill cryptocurrencies? No, as some people say, at worst it’s just going C2C guarantee. They haven't considered that when going C2C guarantee, Bitcoin was only 4,000 each. So domestic funds can't enter the crypto space, and it’s entirely possible to drive Bitcoin down from 90,000 to 70,000, or even 50,000.