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The crypto market’s recent correction came after China’s renewed calls for a crackdown on crypto trading and mining. While investors are wary of this latest development, Facebook’s David Marcus actually believes that China’s crackdown on Bitcoin mining is a “great development” for the crypto.
Facebook Financial (F2) head David Marcus recently shared his view on China’s recent crypto crackdown which negatively affected the crypto market. Marcus is also the co-creator and board member of Facebook’s crypto project Diem, according to Bitcoin.com.
“How is more bitcoin mining power moving to the United States and the West a bad thing?” Marcus tweeted on Monday. “IMO China cracking down on mining is a great development for BTC.”
Apparently, many crypto investors agree with Marcus and started sharing their opinions on Twitter. Many believe that China’s move might seem bearing in the short term but it could be good for BTC in the long term.
“Familiar pattern for anything Bitcoin: 1 potential issue identified (AML, scaling, Chinese miner concentration, etc), 2 solutions created (Chainalysis, lightening, Chinese ban mining), 3 risk mitigation incorrectly interpreted as an increase in risk, 4 eventually penny drops = [Rocket emoji],” Marcus Swanepoel, the CEO of crypto exchange Luno, wrote.
Meanwhile, Sharan Nair, the chief business officer of Indian crypto exchange Coinswitch Kuber, believes that China’s move will only make Bitcoin stronger. “I totally love it how every supposed move to bring down bitcoin actually works in its favor,” Nair wrote. “Perhaps what doesn’t kill you makes you stronger has never been more truer.”
Many believe that the crackdown could shift mining activity from China to the West. “You are going to see a dramatic shift over the next few months,” Bitcoin mining engineer Brandon Arvanaghi said. “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.”
Some view China’s crypto crackdown as an opportunity. For instance, Miami Mayor Francis Suarez is promoting the city’s unlimited supply of cheap nuclear energy to entice Chinese miners to relocate their operations in the city.
“We want to make sure that our city has an opportunity to compete,” Suarez said. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.”
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