China Made a Trillion-Dollar Mistake by Ousting Bitcoin Miners: Michael Saylor

China Made a Trillion-Dollar Mistake by Ousting Bitcoin Miners: Michael Saylor

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China Bitcoin Miners

While on an interview with Bloomberg recently, the prominent BTC flag raiser, Michael Saylor, was keen to acknowledge the Trillion-Dollar mistake China made when it ousted Bitcoin miners.

The Bitcoin crackdown China imposed on its citizens on Bitcoin mining will cost them an opportunity others might take to restore reasonable price rates.

The massive crypto crackdown in China was reported by Cryptopotato, who informed on Chin’s decision to ban all Bitcoin Miners from mining citing environmental concerns. Being the world’s most populated country with the largest share of BTC mining, this action impacted the mining network immediately and stumbled the prices.

Not surprisingly, some reports circulating indicated that some miners are relocating to other countries like Kazakhstan or the United States. While this may be a probable solution, it will take time, considering the re-adjustments necessary.

As Michael Saylor presented to Bloomberg, the sudden price drops were a result of the handful of China miners who, by imposition, were forced to liquidate their assets. Nevertheless, Michael continues to believe this regulation is a ‘trillion-dollar mistake’ that other nations will jump on to make right.

“China had a 50% market share of Bitcoin, and they were generating $10 billion a year and a business that was growing 100% year over year. And then, the government cracked down on it and squeezed the entire industry out of China. I think that given the growth rate of Bitcoin, this will turn out to be a trillion-dollar mistake for China.”

We Move!

Saylor is well aware China is a superpower, and losing a trillion worth of dollars is not an issue. However, the situation at hand is still tragic, and the low prices will serve western investors to accumulate more at a discount.

 

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