Crypto miners say China’s crackdown means Bitcoin is working
China’s crackdown on Bitcoin (BTC) mining and crypto trading has become a major issue lately. Momentum for the red candles on the cryptocurrency market chart. However, a bitcoin mining engineer believes that China’s cryptocurrency ban is “great news”.
Brandon Arvanaghi, a former security engineer at Gemini crypto exchange, compared China’s tough stance on Bitcoin to the country’s ban on Facebook and Google.
Calling the ban in China a rite of passage for free technology, Arvanaghi stressed that cracking down means bitcoin will work and not fail. He added, “It sends shivers through the nations.
He said countries are now opting for a side, with China responding to Bitcoin the same as it is to large Western tech companies, which is extremely optimistic about Bitcoin in the long and medium term.
Miners are now pouring out of China – where a single phone call is enough to shut down an entire mining facility – and into the United States.
“Bitcoin is the largest store of value in the history of planet earth; nothing compares, “said Arvanaghi, adding:
“We’re going to start valuing our assets in Bitcoin, and volatility is the tax we pay to get this trade right.”
Related: Banks Line Up As China Central Bank Breaks Crypto Accounts
Arvanaghi also compared Bitcoin’s journey to a video game. In this list, market news crashes like falling hash rates or geopolitical tensions are the bosses on the way to “Bitcoin’s inevitable state of being a great store of value” the best we’ve ever seen.
Meanwhile, miners around the world will be looking for cheap electricity, and Texas will be a potential target, Arvanaghi recently predicted. “We have governors like Greg Abbott in Texas who promote mining. It’s going to be a real industry in the United States, which is going to be amazing, ”he added.