China’s crackdown creates a huge positive path for cryptocurrencies

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2021-07-01 22:01:29

The CEO of Galaxy Digital said that despite China’s vandalism, Bitcoin is alive and well in many ways.

China’s crackdown creates a huge positive path for cryptocurrencies

As major miners leave China one by one following the country’s Bitcoin (BTC) crackdown, Galaxy Digital CEO Mike Novogratz has highlighted other experts that the migration out of China is a positive development.

Novogratz explained on Bloomberg that despite China’s efforts to sabotage Bitcoin – such as banning mining, banning leverage, and even banning Bitcoin in some places – cryptocurrencies have survived and thrived. He said:

“Bitcoin is alive and well in many ways, adding that the migration of miners out of China could be a big positive for the ecosystem.”

According to Novogratz, a few weeks ago, when the cryptocurrency market experienced high volatility with sudden widespread price drops, was an amazingly successful experiment for the entire crypto ecosystem. Novogratz summed it up, referring to the 65 percent drop in the Bitcoin price from its all-time high.

“We had a problem. We don’t have a security team when prices drop. We don’t have a lawsuit. How the system works it’s supposed to work It’s a very powerful system that has been built in a short amount of time.”

Speaking about the public perception of the crypto ecosystem, Novogratz pointed out that Bitcoin “made its way” as digital gold. He reminded that gold has been around for 3,000 years and added:

“I expect Bitcoin to be the digital version of gold in the next 3,000 years.”

Mr. Novogratz further shared that

“Ethereum could very well become the second largest coin, or possibly even the largest cryptocurrency one day. It will be used at the underlying trust level, Web 3.0 where everything is built on top of it.”

Also note that it has strong competitors like Terra and Solana and that is not a sure win for Ethereum.

Novogratz also listed more recent additions to the crypto ecosystem, such as decentralized finance (DeFi) and NFTs before concluding:

“This is not us playing on coins with funny names. This is a serious approach to rebuilding the financial architecture of the world.”

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