China made trading cryptocurrency illegal Friday, which could have far reaching impacts on the rest of the world. Global Commodity Analytics and Consulting President Mike Zuzolo says it won’t have a direct impact on agriculture. “I think this is where the younger generation is working from the mindset that gold and silver aren’t the places to go for speculation or safe-haven buying. It’s really about crypto. With the number two economy in the world saying all cryptocurrency is illegal, I think this will drive money back into the gold and silver markets.” Zuzolo says it could force speculative investors into other markets. “It will be interesting to see if we go below $40,000 in the bitcoin. That seems to be a level, psychologically, that the trade wouldn’t like to see at the close.”
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