Crypto miners say China’s crackdown means Bitcoin is working

China’s fight against Bitcoin (Bitcoin) Mining and cryptocurrency trading have recently become major The driving factor of the red candlestick on the crypto market chart. But a Bitcoin mining engineer believes that China’s ban on cryptocurrencies is “good news.”

Brandon Arvanaghi is a former security engineer at the cryptocurrency exchange Gemini, Comparison of China bans the use of Facebook and Google and takes a strong stance on Bitcoin.

Arvanaghi called the ban in China a ritual for free technology, and emphasized that the crackdown meant that Bitcoin was working, not that it was failing. “This makes countries shudder,” he added.

He said that countries are now choosing sides, and China’s reaction to Bitcoin is like the reaction to major Western technology companies, which is very promising for Bitcoin in the medium and long term.

Miners are currently leaving China – there Phone is enough to shut down The entire mining plant-and into the United States.

“Bitcoin is the largest store of value in the history of the earth; nothing is comparable,” Arvanaghi said, adding:

“We will begin to use Bitcoin to evaluate our wealth, and volatility is the tax we pay for correct transactions.”

related: As China’s central bank cracks down on encrypted accounts, banks fail

Arvanaghi also compares the journey of Bitcoin to a video game. In this analogy, news of market crashes such as a drop in hash rate or geopolitical tensions are the main reason for “the inevitable state of Bitcoin has become the greatest store of value we have ever seen.”

At the same time, miners will look for cheap electricity all over the world, and Texas will be a potential location. Awanaj’s recent forecast“We have governors like Greg Abbott of Texas pushing the mining industry. It will become a real industry in the United States, and it will be incredible,” he added.