Thursday, May 19, 2022

MicroStrategy CEO Criticizes China’s Crackdown Claiming It To Be “Trillion-Dollar Mistake”

Michael Saylor, the CEO of Microstrategy, criticized China for cracking down on Bitcoin and claimed that the country’s ongoing action against the digital asset would be ‘a trillion-dollar mistake.’

During an interview with Bloomberg Technology’s Emily Chain, the founder of Microstrategy told, “China had 50% market share of bitcoin and they were generating $10 billion a year, in a business that was growing 100% a year, year-over-year.”

He further stated that the Chinese government’s government recent crackdown on Bitcoin has squeezed the crypto industry out of China.

Saylor believes that the action taken by the government is a tragedy for the miners operating in China. 

According to the reports, since the crackdown has been imposed on crypto mining-related activities in the country, the miners are forced to move their business out of China. And, presently, the United States is proven to be becoming the hub for mining activities. 

The report further specifies that most Chinese miners are specifically migrating their business to Texas because of its cheap energy prices and pro-crypto government. 

As per the sources, Bitmain, Blockcap, Argo Blockchain and Great American Mining are the few Chinese companies that have moved their operation to Texas.

Also, earlier this month, Miami’s Mayor Francis Suarez opened the gateways for the Chinese miners in the city and stated that any displaced miners could migrate their business to the city.

When Saylor was questioned regarding the current BTC dip, during an interview, he mentioned that on June 21, MicroStrategy further bought 13,005 BTC in its crypto account. The Business Intelligence and analytics platform now has over 100,000 BTC worth more than $3 billion.

The CEO of MicroStrategy was further asked whether he believes that the recent market dip is ‘actually part of a prolonged slide.’ To which he replied that currently, the crypto market dynamics are being driven by China’s “rushed exodus of capital and mining.”

Saylor stated that BTC is like dematerialized property for his company. He further explained, “We’re sucking the value out of gold and real estate and other property assets and collectibles and art. We’re putting it on a blockchain, we’re giving it to the people. It’s a long-term trend; it’s a million times more efficient than hauling your property around on your back.”

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