Many crypto enthusiasts and investors have been concerned and worried regarding BTC, following the ban implemented by China. However, according to some enthusiasts and miners, China’s crackdown is amazing news for the flagship cryptocurrency.
Contrary to common belief, Bitcoin has not been banned by China because it is failing but it has been banned because it’s working. This was the statement given by Brandon Arvanaghi, a former security engineer at Gemini.
According to Arvanaghi, BTC will benefit from China’s strict stance towards it, as is expected by many.
The BTC investment made by MicroStrategy, Mexico’s third-richest man and the statement given by Arvanaghi can be a positive indication and can encourage people to invest in the flagship crypto asset.
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Why China’s Ban is Good News for BTC?
The crackdown by the Chinese Government against Bitcoin mining facilities has resulted in the relocation of a majority of BTC miners to other destinations. In recent news, it has also been reported that the 5th largest crypto mining pool will be leaving China and relocating to Kazakhstan.
The ban on Bitcoin by Chinese authorities has been somewhat damaging to the crypto asset as the price of BTC went down, as did the BTC hashrate.
However, Brandon Arvanaghi believes this to be short-lived as China banning Bitcoin is amazingly bullish for the crypto asset for the long and medium term.
In a recent interview, Arvanaghi compared China’s ban on BTC with the ban on Facebook and Google and stated that being banned in China is like a rite of passage for free technology.
He stated that BTC is the most important store of value on the planet and is incomparable to anything else.
“We are going to start valuing our wealth in terms of Bitcoin, and the volatility is the tax that we pay for being on the right side of this trade.”
What Should Bitcoin Investors and Traders Know?
Bitcoin investors and traders should not be so concerned regarding the ban on Bitcoin imposed by China as it is believed to be positive news for BTC.
After being denied electricity and other facilities to mine BTC in China, a majority of miners are now reportedly moving towards the United States, specifically Texas.
By using better and energy-efficient mining methods, the chances of developing a proper industry in the U.S. seem promising, according to Arvanaghi.
Therefore, the future of Bitcoin seems anything but bleak at the moment, considering the new developments mentioned above.
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