China's ban on Bitcoin mining, according to a former crypto exchange engineer, is "great news."
The Chinese government's crackdown on Bitcoin (BTC) mining and cryptocurrency trade has recently become a major driver of red candlesticks on cryptocurrency market charts. However, one Bitcoin miner considers China's crypto prohibition to be "great news."
Brandon Arvanaghi, a former security engineer at cryptocurrency exchange Gemini, compared China's anti-Bitcoin stance to the country's bans on Facebook and Google. A Blockchain press release is a site where you may announce fresh ideas or anything related to cryptocurrency to the crypto community.
Arvanaghi described being banned in China as a rite of passage for free technology, emphasizing that the crackdown indicates that Bitcoin is operating rather than failing. He said, "It's making nations shiver in their boots."
He claims that countries are now choosing sides, with China reacting to Bitcoin in the same way it reacted to large Western tech corporations, which is extremely optimistic for Bitcoin in the long and medium-term. Cryptocurrency and Fintech ads are the perfect place to advertise your Crypto product or service to targeted clients.
Miners are currently migrating from China to the United States, where a single phone call can shut down an entire mining complex. “Bitcoin is the biggest store of value in the history of the planet Earth; nothing comes close,” Arvanaghi added.
“We're going to start valuing our assets in Bitcoin, and volatility is the price we pay for being on the winning side of this trade.”
Arvanaghi has related Bitcoin's development to that of a video game. Market-crashing news, such as hash rate dips or geopolitical conflicts, are bosses in this cliché, as they lead to “the eventual state of Bitcoin becoming universally acknowledged as the greatest store of value we have ever seen.”
Meanwhile, miners will hunt for inexpensive electricity all around the world, with Texas being a possible destination, according to Arvanaghi. “In Texas, we have governors like Greg Abbott who are pro-mining. In the United States, it will become a true industry, which would be incredible,” he added.
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