 The world is changing since now. You have to check out Cointelegraph like every day. Hi, this is Maria Jones at Cointelegraph channel with a rundown of our hottest news stories from across cryptocurrency this week. Breaking news, Bitcoin will be under the law in China. All Chinese virtual currency exchanges must stop trading to remain compliant, regulators have announced. While slowly appearing from China appears to confirm that trading will no longer be legal from Bitcoin to fiat platform. Bitcoin prices are already reacting with 24 hours losses approaching 21% at $3,000. Cryptocurrency CEOs have reacted to BTC China and now other exchanges shutting down with firm plans for the future. Can any government just ban Bitcoin? Early on the topic of cryptocurrency bans, can major governments actually step in and carry out the unthinkable ban of Bitcoin? And even more pressing questions can they even enforce such a ban and how would they do it? Presley is impossible for government to seize your Bitcoins unless you decide to hand over your private keys. However, most citizens and institutions like to stay on the right side at the low. Governors across the country in question would be shot and by selling Bitcoin would be difficult and risky. In this sense, Bitcoin would suffocate and perhaps the government's objectives might be achieved. There are about 35 million millionaires in the world right now. There will only ever be 21 million Bitcoin. There will never be enough Bitcoin in existence for every millionaire in the world to own even a single one. This is one of the two main features that give Bitcoin its value, its scarce and authentic. Throughout history, there have been many different stores of value from Seychelles to Galt. All of them were underpinned by these two core characteristics. The future of Bitcoin is almost certainly a bright one, but forget about the near term. If Bitcoin is digital Galt, then its long term value is what really matters. Bitcoin is rare, Bitcoin is scarce. The vast majority of people don't own even a fraction of one. What's Bitcoin's long term potential? It could easily become so valuable that even millionaires can afford an entire coin. When they value Bitcoin, it really doesn't matter how people use it. What matters is why people choose to own it. Is there been an overreaction from the news coming out of China? Some people argue that the basis of the latest announcement of China's SEO ban are unreliable, as there has been no formal statement from a government official. The origin of the news was a Google-translated article from a Chinese journalist who apparently has spoken to some officials. That's three layers from their regional service. Anyway, the last time China banned and wanted to stop Bitcoin, they reversed the situation a few months later. This overreaction may actually provide a fantastic opportunity, likely to be the last time to buy Bitcoins at these levels. We have just been gifted a 30% return as BTC dipped below 4,000 USD and then returned to business as usual. Either way, Bitcoin is likely to go as normal, the real loser as Ethereum, which is likely to get slain by an SEO ban. If you've ever been around long enough, you probably know that MasterLock is something as a legend in the Bitcoin community. His main claim to fame is that he called the top of the November 2013 Bitcoin bubble and the subsequent bear market. MasterLock now predicts that Bitcoin price will reach 15,000 USD by the end of this year. What's more, he believes that Bitcoin will reach a price of 40,000 to 110,000 USD by the end of this bull run. He gives a frame of 2019 at that price target, while these numbers seem absolutely extraordinary. Many traders have noted that the recent bubble doesn't seem so bubbly after all. Bitcoin has not yet gone parabolic and it's the end of previous bubble cycles. Of course, as any investing prospectus will tell you, you know, past performances is no guarantee for future gains. It remains to be seen if MasterLock is correct in his predictions. For the very latest news and events from the crypto scene, check out Cointelegraph.com and subscribe to our YouTube channel. If you would like to ask me a question or share your story with us, just leave a comment right here and see you next week.