By Hassan Mehmood (Saudi Arabia)
While Bitcoin and Ethereum holders are not happy with the China crypto mining crackdown, Michael Saylor, the biggest Bitcoin proponent, seems to be beside himself with joy. In a recent tweet, he told his 1 million followers that as Chinese mining farms halt their operations, it would create a bigger room for the miners in the United States. It also means making Bitcoin mining more lucrative and driving up the price due to the diminishing supply of coins. Saylor quoted a tweet that claimed that all Bitcoin, mined in China, are ‘dirty’.
He also claimed that this move would dramatically bring down the carbon footprint, allowing the US authorities to achieve their Environmental, Social, and Government (ESG) goals. According to Saylor, the crypto market has been under a constant threat by the Chinese government’s FUD that raises its head once or twice every year. Therefore, it would be better to have the mining dominion shift to the US territories to keep the price tact more intact and balanced.
Veteran Bitcoin Analyst Claims that Bitcoin Carbon Footprint would Vanish
Timothy Peterson is a dedicated crypto trader and market analyst. He recently took to Twitter to claim that the news about the mining crackdown in China is like glad tidings for the crypto community. Exploring its impact in the long term, he claimed that it would challenge the anti-crypto agenda propagated by the legacy centralized monetary systems and government authorities.
Also read:It should be noted that the positive and nurturing environment for cryptocurrencies in the United States is also under a big threat. The new SEC chief Gary Gensler recently announced that the regulatory agency would forcibly and strongly implement a much-needed directive on crypto markets. He also pointed out that FINRA and SEC are making preparations to try more crypto lawsuits.
More Bitcoin and Altcoin Depreciation is about to Hit the Crypto Markets
Peterson added another interesting tweet two days ago. He was forecasting the further decline in altcoin and Bitcoin markets. As seen in the tweet, the flagship cryptocurrency could fall to about a 20-ish thousand price range.
For the time being, the red candles have painted the whole crypto indices board blood red. Although, Peterson also added that such a squelching could take some time, and he is willing to wait for months. It seems that his premonitions turned into reality sooner than expected.
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