China has put a ban on mining of Bitcoin in the country and this has led to a global slump in the crypto market. A crypto mining engineer however, believes that this ban is in fact, a good thing.
This miner, who has been identified as Brandon Arvanaghi, once worked at Gemini, a crypto exchange company. He believes that China’s ban on crypto is comparable to China’s ban on Google and Facebook.
He said it is customary for free technology to be prohibited in China and the fact that the country is pushing against it means that Bitcoin is garnering traction, not the other way around. In his words, “It’s making nations shiver in their boots”.
He further stated that countries are reacting differently to Bitcoin, with China’s reaction being similar to their reaction to notable Technologies from the West. He believes this will only make Bitcoin grow stronger in the future.
Bitcoin miners are abandoning China and migrating to the United States were there are more favourable mining legislations. Brandon Arvanaghi is of the opinion that nothing can be compared to Bitcoin in terms of storing value and the only pitfall to it is it’s inconsistency.
He went further to juxtapose Bitcoin and Video games inferring that the slump in BTC’s hashrates, political and governmental pushback are simply hindrances to the unstoppable fate of Bitcoin becoming the highest store of wealth and value ever.
With the migration of BTC miners to locations with inexpensive energy like Texas, Brandon Arvanaghi forecasts that BTC’s mining will become a recognized industry in the US.
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