Facebook official says China crackdown on bitcoin mining ‘great development’ for the crypto

A Facebook official in charge of crypto project Diem has shared his sentiments on the ongoing crackdown of China on bitcoin mining, saying the move of the country’s government is a great development for the cryptocurrency.

David Marcus, head of Facebook Financial (F2) which oversees the social media giant’s stablecoin project said on his Twitter account, “How is more bitcoin mining power moving to the United States and West a bad thing? IMO China cracking down on mining is a great development for BTC.”

Facebook Pay, Novi and all payments and financial services efforts of Facebook fall under the umbrella of F2 under the leadership of Marcus.

People share Marcus’s sentiment

On Twitter, several people agreed with the F2 head, sharing the same sentiment that the crackdown might seem bearish in the short term but will turn out to be good for bitcoin in the long run.

One of them is cryptocurrency exchange Luno Chief Executive Officer Marcus Swanepoel. The top honcho said what is happening is a familiar pattern for anything bitcoin.

Meanwhile, Sharan Nair, the Chief Business Officer of Indian crypto exchange Coinswitch also shared his sentiments.

“I totally love it how every supposed move to bring down bitcoin actually works in its favor. Perhaps what doesn’t kill you makes you stronger has never been truer,” the Indian company official said.

Bitcoin miners on the move

With the Chinese government shutting down bitcoin mining farms, there are reports of miners moving their operations out of China.

Nic Carter, a Castle Island Ventures partner, said Chinese miners that were domiciled in China are mulling to migrate in countries in Central Asia, Eastern Europe, U.S. and Northern Europe.

“You are going to see a dramatic shift over the next few months,” said bitcoin mining engineer Brandon Arvanaghi, adding Texas could be one of the U.S. states where bitcoin miners will move to.

 

Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.