TL;DR Breakdown
- Crypto engineer says China crackdown is good news
- China pushes for further crypto crackdown
According to a crypto engineer, the constant Bitcoin crackdown by the Chinese government and its agent should be classified as good news for the entire crypto community.
This is in the wake of recent price crashes, which China crackdown has caused Bitcoin and other altcoins over the month.
Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, explained that the Bitcoin crackdown by China should be compared with the country’s harsh stance on Facebook and Google.
Arvanaghi called getting banned in China a rite of passage for free technology and stressed that the Bitcoin crackdown means that Bitcoin is working, not that it’s failing. “It’s making nations shiver in their boots,” he added.
He said nations are following the footstep of China like they did with many western tech firms, which is bullish for Bitcoin in the long run, Arvanaghi said.
“Bitcoin is the greatest store of value in the history of planet Earth; nothing is even comparable,” Arvanaghi said.
“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 he said further.
China undeterred, continues heavy Bitcoin crackdown
The Asian country remains undeterred in its quest to squash Bitcoin in the country.
On Monday, the People’s Bank of China, the country’s apex bank, issued a statement ordering commercial banks to cut off all digital currency-related activities, including over-the-counter crypto trading merchants.
OTCs, which has been the best way Chinese residents have managed to circumvent the ban and constant crackdown on Bitcoin, has been targeted by the government again.
The central bank revealed that it had summoned banks such as the Industrial and Commercial Bank of China and the Agricultural Bank of China to a meeting to discuss the rising OTC market that has provided crypto enthusiasts an option of cashing in on their currency.
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