Michael Saylor: China versus Bitcoin is a trillion dollar mistake

Michael Saylor, CEO and founder of MicroStrategy, has criticized China’s ongoing crackdown on Bitcoin.

Appears on Bloomberg technologySaylor told Emily Chang that “China has a 50% stake in the Bitcoin market, making $ 10 billion a year with a business growing 100% a year, YoY”.

According to Saylor, the Chinese government’s actions have “strangled the mainland bitcoin industry”.

The CEO also said the move was a tragedy for Chinese miners. In the past few weeks the crackdown has forced miners to relocate their operations overseas, with the United States being a popular destination. Texas more specifically, due to cheap energy prices and a pro-crypto government. Bitmain, Blockcap, Argo Blockchain and Great American Mining have reportedly moved operations there.

In addition, Miami Mayor Francis Suarez said earlier this month his city would welcome displaced miners.

Emily Chang also spent part of the interview discussing the current BTC price drop with Saylor. On June 21, MicroStrategy added 13,005 BTC, bringing its total holdings to over 100,000 BTC at a valuation of over $ 3 billion.

Chang confirmed that the CEO “bought” the decline and asked if he was considering the possibility that the decline was actually “part of a protracted decline.” Saylor responded that China’s “capital and mining operations” are currently driving the crypto market and that the company’s strategy is “long term”.

“Bitcoin is the dematerialized aspect of the asset. BTC sucks the value of gold and real estate and other real estate values, as well as collectibles and art. It runs on a blockchain, it belongs to everyone. It’s a long-term trend; it is a million times more efficient than ‘turtles carrying houses on their backs’. “

Annie

According to Beincrypto

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