Doc's Daily Commentary
Mind Of Mav
What China’s Crackdown On Crypto Means For The Future
China is getting tough on crypto. Same as it ever was, right? But this time the pushback is real, with the CCP conducting a coordinated show of force against the world’s biggest digital currency.
So is the latest ban “short-term negative, long-term positive” as Skybridge founder Anthony Scaramucci suggests — or is the industry set for a protracted period of turbulence and uncertainty?
What Exactly Has China Done?
China has never been a fan of bitcoin. On the contrary, it has been sounding warnings, imposing restrictions, closing exchanges, and threatening bitcoiners for the best part of a decade. Hence the term “China FUD.”
In The Midst Of Difficulty Lies Opportunity
Everyone has a hot take to disseminate about the China crackdown. It’s the death knell for bitcoin. It’s a golden opportunity for miners in other countries. It’s a China flex ahead of their long-anticipated CBDC release. It’s a bump in the road while miners decamp to countries that can offer cheap energy.
Lest we all start celebrating this frantic mass mining migration, we should probably mention that over 70% of Kazakhstan’s electricity supply is coal-powered. Incidentally, the region already ranks fourth in the world for hashrate distribution, behind Russia (3rd), the United States (2nd), and China.
Global bitcoin mining activity distribution. Source: CBECI.org.
TL;DR: The World Keeps Turning
Some people genuinely believe the crackdown changes everything. Jim Cramer, for example, sold “almost all of my bitcoin” after getting spooked. And yet after falling below $30,000, the world’s O.G. crypto saw a nice 15% bounce to defy the doomsayers. One is reminded of that line from Wolf of Wall Street: “They’re gonna need a f____g wrecking ball to take me out of here!”
Who knows what the future holds? What we can say is that miners aren’t an easily discouraged bunch. And states with abundant stranded/wasted energy resources should — if they aren’t already — be licking their lips at the prospect of raising significant revenue via bitcoin mining.
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