u.today
Chief commodity strategist of Bloomberg, $100,000 Bitcoin believer Mike McGlone, has taken to Twitter to comment on the recent crypto mining and trading ban posed by the Chinese government and the rise of USD-backed stablecoins.
He believes that rejecting crypto and Bitcoin in particular may not be good for the China’s further economic rise.
“China’s rejection of crypto may suspend its economic rise”
McGlone has tweeted that the fact of the Chinese government rejecting “open source software crypto assets” may bring the country’s economic rise to a plateau.
McGlone is also praising the digital form of USD – dollar-based stablecoins: USDT, Binance USD and USDC – and the flagship cryptocurrency – Bitcoin in his tweet. One of the charts he has shared shows dollar is the leading in its digital rise than the Chinese yuan.
Hey #China? Good Luck With That One - #Bitcoin, #Dollar Dominance:
— Mike McGlone (@mikemcglone11) July 23, 2021
China's rejection of open-source software crypto-assets may mark a plateau in the country's economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. pic.twitter.com/gI3rNjC9X7
China cracks down on crypto miners
In May, following Elon Musk’s rejection of Bitcoin payments for Tesla e-cars, Chinese authorities began clamping down on crypto miners in the country, depriving them of access to energy in the provinces that boast the biggest energy production – Anhui, Qinghai, Sichaun, Yunnan, etc.
In some cases, this was spare hydro energy that would be wasted if not used by Bitcoin miners.
Thus, the Chinese government has been forcing mining companies either close down and quit their business or leave for friendlier jurisdictions, such as Canada, Kazakhstan and the USA.
Bitmain and other major mining companies have already started relocating, as reported by U.Today earlier.
Elon Musk assumes Tesla may resume accepting BTC
After the online conference B-Word in which Elon Musk, Twitter CEO Jack Dorsey and CEO of ARK hedge fund Cathie Wood participated and discussed Bitcoin and its prospects, Elon Musk revealed that he personally held Bitcoin, Ethereum and Dogecoin.
He also stated that Tesla and SpaceX also hold BTC on the balance sheets and neither these companies nor Musk himself are going to sell their BTC.
Musk has stated that Tesla may resume accepting Bitcoin payments for e-cars after-all, since Bitcoin mining has become way more green than when he shut down this option on May 13.
That pushed the Bitcoin price from the $55,000 level down to the $45,000 zone.
However, since then, BTC mining has become over 56 percent green, according to the Bitcoin Mining Council data shared by The Miscrostrategy CEO Michael Saylor (the head of this council) on his Twitter page.