Why The Recent China FUD Is Bullish For Bitcoin

More on why China’s Bitcoin mining ban is bullish for Bitcoin:

Why The Recent China FUD Is Bullish For Bitcoin

The situation has caused miners to sell coins to fund a potential move to other, more supportive countries, or revamp operations entirely. Selling and uncertainty could stick around for some time, but according to VP of Global Business Development at Bixin Mustafa Yilham, it shouldn’t deter crypto.

Instead, he claims this is a “massive opportunity” to decentralize Bitcoin mining further, and nothing about the cryptocurrency fundamentally has changed.

One of the biggest arguments against Bitcoin and considered a potential threat to the network, was the fact that so much of mining operations globally were centralized in the communist country.

Bitcoin mining becoming more decentralized strengthens the network for all participants, and if anything will improve the cryptocurrency’s fundamental strength. It might just suffer some more growing pains before new growth is ready.

The fear, uncertainty, and doubt might hang around for a lot longer than investors would like. However, the more governments try to crack down on crypto, the more decentralized it becomes and with that, the more difficult it is for governments to derail it.

Full article here: https://bitcoinist.com/why-the-recent-china-fud-is-bullish-for-bitcoin/

 

Master Asked on May 24, 2021 in Bitcoin.
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