Opinion: China’s Crypto Ban Could Be a Boon for Bitcoin Security
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Answer Opinion: China’s Crypto Ban Could Be a Boon for Bitcoin Security
China’s recent ban has dominated crypto headlines as the Chinese government has decided to ban cryptocurrency trading and mining.
Marty Bennett, co-founder of Great American Mining, believes that the Chinese mining giant Bitmain, by moving its manufacturing operations from China to other countries, would be very bullish for the largest cryptocurrency.
Bennett believes it will be a historic risk-averse moment for the largest cryptocurrency.
Kevin Zhang, Vice President of Business Development at Foundry Service, tweeted that he expects the lion’s share of Bitmain’s production share to move to Malaysia and Indonesia amid China’s intensified campaign against the crypto-mining sector.
He believes that this shift will have some serious implications for logistical costs and the manufacturing process, stating:
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There will be a temporary loss of local buyers/sellers who will have to re-integrate abroad, increased logistics costs, potential quality issues, more friction with the Chinese administration, and outsourcing manufacturing.
Retired US Senator Pat Toomey recently urged countering China’s hostility toward bitcoin by embracing cryptocurrencies.
The United States has already emerged as a hub for cryptocurrency mining, with states like Florida, Texas, and Wyoming actively supporting the crypto mining industry.
While the news regarding China’s toughest cryptocurrency crackdown initially caused the market to crash, Bitcoin then managed to recover over the weekend.
Fundstrat’s Will McEvoy stated that previous bitcoin bans have provided great buying opportunities for investors.
Those who bought bitcoin on the day China initially banned financial institutions from conducting bitcoin transactions, got a 4266% return by today.
China # bitcoin Ban has been great buying opportunitiesTweet embed Tweet embed pic.twitter.com/wGvr6FDFv0
– Will McEvoy (@will__mcevoy) September 24, 2021
Read:After Bitcoin affected by mining emigration from China… Ethereum hash rate drops by 25%
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