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Bloomberg’s chief commodity strategist Mike McGlone has taken to Twitter to share his take on the recent China crypto ban that is forcing many miners and exchanges to withdraw from the country and pushing some exchanges to shutting down their business.
However, McGlone seems to have joined the camp of those who believe this crypto ban could turn a good thing for the global crypto industry and the US in particular.
“The US may have a clear impetus to embrace cryptos”
As per his latest tweet, McGlone believes that the Chinese crackdown on the crypto industry imposed in late September, may be “new digital world order table setter”, i.e. the US government may now be driven to embrace cryptocurrencies, giving them a friendly regulation.
#China Banning #Crypto May Be New Digital World Order Table Setter - The U.S. may have a clear impetus to embrace cryptos and regulate the trade. The free-market capitalism of crypto assets is challenging nations like China that lack a free flow of capital and open discourse. pic.twitter.com/hcMuQqEn19
— Mike McGlone (@mikemcglone11) October 8, 2021
Crypto ban makes over 20 crypto companies withdraw from China
According to China Securities Journal, the currency cryptocurrency crackdown is leaving companies no choice but to move their business of the region. Over twenty companies engaged in crypto-related business activities have announced their plans to relocate from China soon.
Many crypto exchanges are closing down completely.
Among these are Huobi, CoinEx, Renrenbit, etc. Earlier today, the Chinese exchange BitZ, which had been operating for four years, also announced its shutdown by October 21, urging customers to withdraw their funds and move them to other platforms or wallets.