Does Bitcoin celebrate the TikTok ban in the United States?

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

Over the weekend, the President of the United States, Donald Trump, indicated that he would ban TikTok in the country, will Bitcoin benefit?

Impact of the TikTok ban on Bitcoin

For those who do not know it, TikTok is a platform from China, in which videos of various kinds are shared. The platform is currently owned by ByteDance, but that could be about to change, given that Microsoft is looking to buy it.

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

Obviously, that user base has brought Microsoft’s attention, since its acquisition would put it to compete against giants like YouTube and Facebook. However, Trump intervened.

The President of the United States is basically concerned about the data that the application collects. Especially because of the possible link it may have with the Chinese government. And, therefore, it justifies the possible prohibition.

In this sense, ByteDance offered to give up 100% of TikTok’s operations in the United States, with the aim of avoiding the ban on the platform. However, Trump’s comments led Microsoft to stop the negotiations.

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

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Positive impact?

Keith Wareing, CoinTelegraph and Youtuber writer, wrote an article looking at the possibility that Bitcoin will benefit from the TikTok ban in the United States.

Basically, Wareing explained that the company Block.one is targeting Generation Z users, who come from TikTok, to switch to their Voice Social Media platform.

Particularly because, if the TikTok ban is implemented in the United States, it would generate a market opportunity associated with 80 million users, which can be covered by Blockchain-based social media platforms.

Obviously, if so, this could attract a significant number of users to the crypto ecosystem that could facilitate the adoption of Bitcoin and the rest.

It is certainly an important market opportunity and possibility. But it’s not that simple, trying to replace what TikTok offers may not be that simple. Other platforms, like Musical.ly, were not as successful as they hoped.

So, although the possibility does exist, several factors come into play and that is also where the possible acquisition by Microsoft comes in.

On the other hand, Wareing offers two possible scenarios for Bitcoin: Bearish and Bullish. In particular, it states that if it fails to maintain the resistance at $ 10,500, it could fall to $ 9,500.

However, if it is able to rise and hold above $ 12,000, then the next resistance level would be $ 13,500. But, from his perspective, Bitcoin could remain stable.

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


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