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Could the Bitcoin ban in China have a positive outlook for BTC in the future?


It is reliably known that one of the main catalysts for the fall in the price of Bitcoin is the ban on mining, trading, and the work of various crypto platforms and over-the-counter brokers in China. However, many analysts are confident that the relocation of miners from China, for example, to the United States of America, in particular to Texas, is taking place, and this is the future.

Michael Saylor has already gathered a consultation with various miners about improving mining for the environment, and this meeting has very positive far-reaching prospects. The notification from the State Council of China on May 21 that the strictest measures will be taken regarding the ban on bitcoin mining, plunged the crypto market into shock.

Because of this, Bitcoin and other altcoins have fallen sharply in price. After that, many provinces of China, including Xinjiang and Qinghai, imposed bans on bitcoin mining. China does not want to see a digital currency that cannot be controlled, and it is also against shadow transactions and money laundering.

Nick Carter, co-founder of Coin Metrics, commented on the news from China. Carter shared the opinion that Bitcoin is dangerous to China because it was an antagonist of the digital yuan. In addition, he said that the prevention of uncontrolled capital outflow may be one of the reasons for these bans. The Chinese sanctions will be a big victory for the decentralization of Bitcoin, however. Texas is already ready to accept miners in the shortest possible time.

Brandon Arvanagi, one of the former engineers at the Gemini crypto exchange, expressed a similar opinion to Nick Carter in an interview with Bloomberg. While Arvanagi said the news of the ban from China was unexpected, he compared the country's anti-bitcoin sentiment to Facebook and Google's bans. Arvanagi made it clear that Bitcoin is the best store of value in the history of mankind.

The material has been provided by InstaForex Company -