Michael Saylor calls China's abandonment of Bitcoin a trillion dollar mistake
MicroStrategy CEO Michael Saylor believes that China's decision to disown Bitcoin miners will be a trillion dollar mistake for the country. The businessman said this to Bloomberg reporters.
Over the past month, China has significantly increased pressure on miners, not only suspending their activities in the largest provinces, but also literally forcing them to migrate with their capacities outside the country. Most of them are already shipping their devices to the United States and Kazakhstan today, scrutinizing local regulations and electricity rates, and crypto tech giant Bitmain is eager to help them do just that.
Saylor, who is one of the most dedicated Bitcoin fans, said that China suppresses cryptocurrencies in vain, calling the exodus of miners from China "a dangerous driving force." According to him, China generated more than $10 billion in a year, increasing by 100% on an annualized basis, therefore, given the growth rate of the main cryptocurrency in the market, giving up mining would be a trillion dollar mistake for the country. On the other hand, according to the CEO of MicroStrategy, the "abolition" of cryptocurrencies in China will bring significant profits to Bitcoin miners in North America. The Saylor company itself intends to continue buying Bitcoins in the next decade, actively increasing its reserves.
In Bloomberg's interview, he called Bitcoin a “dematerialization of property” and a long-term trend that is a million times more effective than the “keep all your wealth on your back” approach. In addition, with the arrival of more progressive American regulators from the Biden administration, cryptocurrencies will straighten their shoulders, repeating a revolution comparable to that made by smartphones over the past 10 years.