Why China’s Latest Bitcoin Mining Clampdowns Are a Gamble
Do we raise, call or fold?
So, this time it seems that China really has banned Bitcoin.
Or at least that’s the conclusion the media has come to.
But is this accurate? And what does it mean for the long term future of Bitcoin? Actually, what does it mean for the short term future of Bitcoin? Does that explain the recent price drop? Is China doing something very smart here? Or is it the exact opposite?
As a long time Bitcoin user, analyst, large scale miner and environmentalist, it seems I am well placed to comment on the unfolding events, at least according to the number of DMs I’ve been receiving. So, as requested, here’s my take even if, as yet, we don’t have all the facts.
We do, however, have enough to extrapolate the most likely outcomes.
And they make fascinating reading.
How we got here
China has, of course, been going on about banning Bitcoin and all associated activities for some years, sometimes putting something in place, then later amending it, sometimes even seemingly back-tracking temporarily. However, none of these moves could ever be construed as “pro-Bitcoin.”
