Sunday, February 5, 2023

China’s Crackdown On Crypto Working For Miners: Former Crypto Engineer

China’s ban on different crypto activities in the country is considered to be the main reason for the red candlesticks on the crypto market charts. However, there is one Bitcoin mining engineer, who believes that this recent ban ‘fantastic news.’

Recently, China’s stance against Bitcoin was compared with the country’s ban on Facebook and Google, by Brandon Arvanaghi, a former security engineer at Gemini.

Arvanaghi believes that banning anything in China is the procedure of passage for free technology. He further specified that if Bitcoin is banned in China that does not mean it is failing, it means the digital asset is working. “It’s making nations shiver in their boots,” he added. 

After observing China’s crackdown on crypto-related activities, countries around the world have started picking sides. 

Due to this latest crackdown, the crypto miners in China have started to move their business to other countries like the United States.

“Bitcoin is the greatest store of value in the history of planet Earth; nothing is even comparable,” said Arvanaghi. 

He further added, “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.”

The former security engineer also believes that the Bitcoin journey is similar to video games. In this analogy, the market-crashing news simultaneously administers the way to the inevitable state of Bitcoin becoming universally identified as the greatest store of value.

Meanwhile, the miners have been looking for cheap electricity around the world. Arvanaghi believes that Texas would be a potential address for miners. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible,” he added.

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