China’s crackdown could help Bitcoin’s decentralization – Hedge Fund director

China’s crackdown could help Bitcoin’s decentralization – Hedge Fund director
фото показано с : invezz.com

2021-6-1 21:11

The Bitcoin (BTC/USD) and cryptocurrency market has been affected as a result of China’s recent crackdown on Bitcoin miners in the country. Bitcoin’s price and other cryptocurrency prices have fallen by a large percentage for the past few weeks. Although the market has started correctly slightly, it is still very volatile to predict any stability at the moment.

However, some market experts believe the price of Bitcoin and other cryptocurrencies will soon pick up once many Bitcoin miners have reestablished themselves in other regions.

Ulrik Lykke, executive director of crypto hedge fund ARK36, is someone who thinks the present crackdown can help Bitcoin in the long run.

While speaking during a CBNC interview, he thinks the situation in China could contribute greatly to more decentralization of Bitcoin.

According to him, although the hash rate has dropped significantly, it will increase when miners start moving and establishing elsewhere. The crackdown will disperse miners as many of them will establish in different locations.

While China has accommodated the large majority of Bitcoin miners, there may not be a particular location with such dominance of miners in the future, Lykke added.

Bitcoin and CBDCs can coexist

Lykke also spoke about the implementation of a central bank digital currency (CBDC) by the Chinese government and the impact it will have on Bitcoin. Many observers believe that part of the reason for the Chinese regulatory crackdown on Bitcoin was to pave way for the launch and acceptance of its CBDC.

Lykke says there’s no definite date for the launch and it’s not certain whether it will ever be launched.  However, he noted that Bitcoin and CBDCs can coexist and there is no reason why “one should out-rule the other.”

The use of blockchain technology used to develop both Bitcoin and the CBDC can create an avenue for more interest in Bitcoin.

Bitcoin’s volatility is temporary

Lykke was asked how the Bitcoin and crypto market will change structurally due to the Chinese crackdown on miners. He stated that the Bitcoin market will be volatile in the short to medium term. However, the market will come back bustling in the long term.

The post China’s crackdown could help Bitcoin’s decentralization – Hedge Fund director appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97969.97 (-0.28%)
Объем 24H $103.278b
Изменеия 24h: 3.58 %, 7d: 11.43 %
Cегодня L: $94006.77 - H: $98767.29
Капитализация $1937.997b Rank 1
Цена в час новости $ 36698.77 (166.96%)

bitcoin cryptocurrency china crackdown miners prices price

Источник: invezz.com

bitcoin cryptocurrency → Результатов: 126


Bitcoin Champion Max Keiser Blasts Argentinian President’s Crypto Stance

Argentina and El Salvador, both facing economic struggles, are taking vastly different approaches to cryptocurrency. While El Salvador became the first country to adopt Bitcoin as legal tender in 2021, Argentina’s new president, Javier Milei, is taking a more measured route, prioritizing regulation and differentiation between the crypto and the broader cryptocurrency landscape. Bitcoin Distinction […]

2024-4-3 20:00


Market Dynamics Point To Potential Cryptocurrency Surge As Traders Get Set For Another Bitcoin Pump

Cryptocurrency traders are accustomed to Bitcoin and other assets charting their own course, often independent of traditional stocks and industries. However, recent highs in the S&P 500 and gold markets are generating a buzz within the crypto community, with many anticipating a positive divergence that could drive BTC and altcoins […]

2024-3-29 07:58


Bitcoin needs to step aside, the next Bitcoin with a real product is here

Bitcoin (BTC) is the first and largest cryptocurrency by market cap. However, the cryptocurrency landscape has greatly evolved since its creation in 2009. And Bitcoin Spark (BTCS), a new crypto project with a real-world product, is challenging Bitcoin’s supremacy by paving the way for a new era of cryptocurrency use cases. Bitcoin news BlackRock (BLK) […]

2023-8-17 04:10


Mining Company Offers First-Ever “Mine-to-Token” Cryptocurrency to Investors Looking for Exposure to Gold

Cryptocurrencies are highly volatile assets. Even Bitcoin, the most valuable cryptocurrency in the world by market capitalization, is still subject to 20% to 30% swings in price on any given day. This despite the fact it is the pioneering crypto project responsible for birthing the entire blockchain technology industry beginning with the publishing of the original Bitcoin whitepaper by Satoshi Nakamoto way back in 2008.

2021-9-25 08:20


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin hit $95,000: heading to $100k target price

Bitcoin, the world’s largest cryptocurrency, hit a new all-time high of $95,672 on Thursday after its price rose to 3.55% in the past 24 hours; the next target is $100k. For the first time, on Nov. 21, Bitcoin reached the…

Pump.fun clone Emojicoin goes live on Aptos blockchain

Aptos, the blockchain network backed by a16z, has seen its first pump.fun clone emerge, as meme coin mania continues to thrive. Emojicoin, a new platform built on a Move-based blockchain, has gone live on the Aptos (APT) blockchain, offering users…

Spot Bitcoin ETFs inflows surge 220% amid options launch

Inflows into U.S. spot Bitcoin ETFs surged by 220% on Nov. 19 compared to the previous day, as Bitcoin reached new highs following the launch of the first Bitcoin ETF trading options. According to data from SoSoValue, the 12 spot…