Trillion-Dollar Mistake By China Through Crypto Mining Ban : Michael Saylor

According to MicroStrategy CEO, Michael Saylor, Crypto mining ban crackdown by Chinese government is a Trillion Dollar  biggest mistake. And now this is going to be an opportunity for another country.

Every investor of the present time Cryptocurrency market knows very well how China’s decision impacted the Cryptocurrency market badly.

And secondly China’s revised Cryptocurrency ban law did a main role for double dumps back to back in the Cryptocurrency market.

Related: China Moving Toward national Crypto Mining Ban

Now MicroStrategy CEO, Mr. Micheal Saylor, talked about this matter in an interview at Bloomberg.

According to Micheal Saylor, China has good resources with the biggest market to run Cryptocurrency mining business to get lots of profit. 

But China’s government decision to ban crypto mining and crypto ban is really a worst decision by them.

Since there were alternative ideas and options to implement to reduce carbon footprint level but instead of these options to use, China directly ordered to halt Cryptocurrency mining activities from their country.

And this decision of chinese government is a Trillion dollar mistake.

“China had a 50% market share of Bitcoin, and they were generating $10 billion a year and a business that was growing 100% year over year. And then, the government cracked down on it and squeezed the entire industry out of China. I think that given the growth rate of Bitcoin, this will turn out to be a trillion-dollar mistake for China.”

And also he explained that  the impact of the decision to ban mining in China is not a big impact on mining hash power and also the price impact is not huge.

But now those countries like North America, Kazakhstan will get advantage by 50% to 75% of their Investment in mining.

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