David Marcus, head of Facebook Financial (F2), which is responsible for the cryptocurrency project Diem (formerly Libra), believes the Chinese government’s crackdown on bitcoin mining is “a great development” for cryptocurrencies. Many in the cryptocurrency space agree with him.
Facebook Executive Sees China’s Crackdown on Bitcoin Mining as a Good Development
David Marcus, head of F2 (Facebook Finance), shared his thoughts on the Chinese government’s crackdown on bitcoin mining. f2 includes Facebook Pay, Novi, and all of the social media giant’s payments and financial services efforts. Marcus is also a co-founder and board member of cryptocurrency project Diem (formerly Libra).
He tweeted on Monday “How is it a bad thing that more bitcoin mining rights are moving to the US and Western countries?IMO China’s crackdown on mining is a great development for BTC.”
Several people agreed with Marcus, sharing their opinions on Twitter. Several of them agreed that the move seems to be bearish in the short term, but good for Bitcoin in the long run.
Marcus Swanepoel, CEO of cryptocurrency exchange Luno, commented that there is a familiar pattern to any bitcoin: 1. Identify potential problems (AML, scaling, concentration of Chinese miners, etc.), 2. Create solutions (Chainalysis, lightweighting, Chinese mining ban), 3. Risk mitigation is misinterpreted as increased risk, 4. Eventually Not a single penny = [rocket emoji].
Sharan Nair, chief business officer of Indian cryptocurrency exchange Coinswitch Kuber, argues that I totally love it and that every supposed move to bring down bitcoin actually works in its favor. Maybe what doesn’t kill you makes you stronger, and that’s never been truer.
After the Chinese government shut down bitcoin mining, miners are reportedly moving their operations out of China, and Chinese miners or those registered in China are looking to Central Asia, Eastern Europe, the US and Northern Europe ……
Brandon Arvanaghi, a bitcoin mining engineer and former Gemini security engineer, said, “You’re going to see a dramatic shift in the next few months. Texas is probably one of the states that U.S. bitcoin miners will be moving to. We have governors like Greg Abbott in Texas who are pushing for mining. It’s going to become a real industry in the U.S. It’s going to be incredible.”
Florida is another U.S. state that could attract cryptocurrency miners. Miami Mayor Francis Suarez is working to attract miners to his city, which he aims to build into a bitcoin hub. The pro-Bitcoin mayor points out that Florida has very abundant nuclear power, meaning it is very cheap power.
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