China’s crackdown on Bitcoin (BTC) mining and cryptocurrency trading recently became a primary driver for the red candlesticks on crypto market charts. But one Bitcoin mining engineer believes China’s ban on crypto is “fantastic news.”
Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, compared China’s harsh stance against Bitcoin with the country’s ban on Facebook and Google.
Arvanaghi called getting banned in China a rite of passage for free technology and stressed that the crackdown means that Bitcoin is working, not that it’s failing. “It’s making nations shiver in their boots,” he added.
He said that nations are now picking sides, with China responding to Bitcoin much as it did to major Western tech firms, which is incredibly bullish for Bitcoin for the long and medium-term.
Miners are currently flowing out of China — where a phone call is enough to shut down an entire mining plant — and into the United States.
“Bitcoin is the greatest store of value in the history of planet Earth; nothing is even comparable,” Arvanaghi said, adding:
“We are going to start valuing our wealth in terms of Bitcoin, and the volatility is the tax that we pay for being on the right side of this trade.”
Arvanaghi also compared Bitcoin’s journey to a video game. In this trope, market-crashing news like drops in the hash rate or geopolitical tensions are bosses along the way “to the inevitable state of Bitcoin becoming universally identified as the greatest store of value we have ever seen.”
In the meantime, miners are going to look for cheap electricity around the world, and Texas will be a potential address, Arvanaghi predicted recently. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible,” he added.