Mike Novogratz -China’s Miner Exodus a “Big Net Positive for Crypto”
I agree with Novogratz that this whole China banning mining is nothing but good for Bitcoin and crypto, as a whole
China’s miner exodus a ‘big net positive for crypto,’ Mike Novogratz says
“Novogratz explained on Bloomberg that despite China’s attempt to undermine Bitcoin — like banning mining, banning leverage, and even banning Bitcoin in some places — the original cryptocurrency is still alive and kicking. ‘Bitcoin still exists and survives in lots of ways,’ he said, adding that miners’ migration out of China could be ‘a big net positive for the ecosystem.’
The last couple of weeks, where the crypto market experienced high volatility with sudden price crashes across the board, was an amazingly successful test for the crypto ecosystem as a whole, according to Novogratz.
‘We had a crash,’ Novogratz summarized, referring to the 65% drop in Bitcoin price from the all-time highs, adding:
‘We didn’t have the plunge protection team. We didn’t have lawsuits. The system worked how it was supposed to work. It is a very robust system that has been built in a small amount of time.’”