Bitcoin ban in China is confirmation of its viability

Most Bitcoin enthusiasts reacted negatively to the Chinese ban on mining digital currencies, which hardly surprised anyone. At the same time, some experts believe that even in such, at first glance, stalemate situations, there are positive aspects.

One such optimist is ex-Gemini security engineer Brandon Arvanaghi. In an interview with Bloomberg, he said that any bans from China with Bitcoin should be perceived as nothing more than a “confirmation of the solvency” of the main cryptocurrency on the market.

Arvanaghi said that today the governments of the world's largest countries are actively developing a regulatory base for digital currencies, seeing in the new asset class not so much a prospect for the further improvement of the industry as a threat to their national currencies. However, even they have partially come to terms with the fact that digital currencies will not disappear by starting to create their own CBDCs. In addition, after the tightening of measures by the Chinese authorities, miners can find their refuge in one of the American states with cheap electricity, which will also have a decisive effect on the development of the industry.

Arvanaghi compared the evolution of the main cryptocurrency on the market with video games, calling the drop in hash rate and geopolitical confrontation "bosses" who will be defeated one way or another. In the future, Bitcoin has only one role - become the most reliable means of preserving capital.

The expert suggested that the United States will be able to pick up the baton of China, where the cryptocurrency industry is developing by leaps and bounds. In his conversation, he mentioned Florida and Texas, which offer the most attractive conditions for “migrant miners” to facilitate the cost-effective mining of digital currencies.

David Marcus, the head of Facebook Financial, agrees with Arvanaghi’s opinion, who called the Chinese measures against mining remarkable in terms of the development of Bitcoin in the future.

So far, the situation with mining and the widespread ban of cryptocurrencies in the Middle Kingdom is not reflected in the best way on the market. But as you know, even the longest "crypto winter" ends one day. The community can only wait for the "thaw".

Subscribe to our Telegram, Twitter and Facebook to be the first to know the news of cryptocurrencies!