BCGAME - Free 5BTC Daily Bonus!China's crackdown on Bitcoin (BTC) mining and cryptocurrency trading has recently become the main driver for red candlesticks on cryptocurrency market charts. But a Bitcoin mining engineer believes that China's ban on cryptocurrency is "fantastic news".
Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, compared China's tough stance against Bitcoin to the country's ban on Facebook and Google.
Arvanaghi called China's ban a rite of passage to free technology and stressed that the crackdown means Bitcoin is working, not that it's failing. “It is making nations tremble in their boots,” he added.
He said that nations are now picking sides, with China responding to Bitcoin in the same way it has to major Western tech companies, which is incredibly bullish for Bitcoin in the long to medium term.
Currently, miners are leaving China – where one phone call is enough to shut down an entire mining plant – and heading to the United States.
“Bitcoin is the greatest store of value in the history of planet Earth; nothing is even comparable,” said Arvanaghi, adding:
“We are going to start valuing our wealth in Bitcoin terms, and volatility is the tax we pay for being on the right side of that trade.”
Arvanaghi also compared Bitcoin's journey to a video game. In this trope, market crash news such as hash index declines or geopolitical tensions are responsible for the path “to Bitcoin’s inevitable state of becoming universally identified as the greatest store of value we’ve ever seen.”
Meanwhile, miners will seek out cheap electricity around the world, and Texas will be a potential address, Arvanaghi recently predicted. “We have governors like Greg Abbott in Texas who are promoting mining. It's going to become a real industry in the US, which is going to be amazing,” he added.
