A former crypto exchange engineer says China's ban on Bitcoin mining is “fantastic news”

China’s crackdown means Bitcoin is working, says a crypto miner.

A former crypto exchange engineer says China's ban on Bitcoin mining is “fantastic news”

China’s crackdown on Bitcoin mining and cryptocurrency trading has become a primary driver for the red charts in the crypto market recently. But one Bitcoin mining engineer believes China’s ban on crypto is “fantastic news.”

A former security engineer at crypto exchange Gemini, Brandon Arvanaghi compared China’s harsh stance against Bitcoin with the country’s ban on Facebook and Google.

According to Arvanaghi, the mining ban in China means the passage of technology and it indicates that Bitcoin is working, not that it’s failing. “It’s making nations shiver in their boots,” he said.

He stated that nations are now picking sides, with China is responding to Bitcoin much like the country did to major Western tech firms, which is incredibly bullish for Bitcoin for the long and medium-term. Miners in China are currently moving out and into the United States.

“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.”

The engineer compared the largest cryptocurrency’s journey to a video game. In this trope, market-crashing news like drops in the hash rate or geopolitical tensions is bosses along the way to the inevitable state of Bitcoin becoming universally identified as the greatest store of value ever seen.

Read: Major crypto mining hub in China’s Sichuan province set to shut down operations

Miners are going to look for cheap electricity around the world and Texas will be a potential address, Arvanaghi predicted recently. 

“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,” he added.

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