21:12Bitcoin Bull Mike Novogratz on Chinese Crackdown: "Will Take Some Time to Play Out"
Former hedge fund manager and Galaxy Digital CEO Michael Novogratz has shared his opinion on China's latest attempt to crack down on cryptocurrencies.
"China news isn’t good"
China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play out. Keep the faith.
— Mike Novogratz (@novogratz) June 21, 2021
The Galaxy Digital CEO is certain that Chinese crypto owners will be able to move assets outside China, but it’s going to be harder to do this due to the current circumstances.
Meanwhile, this process is nowhere near its end, and Novogratz recommend Bitcoiners to "keep faith."
Bitcoin plummets to a two-week low as miners leave China
Also, CNBCs Beijing Bureau Chief Eunice Yoon confirmed that Guangzhou Bitcoin (BTC) miners had started moving their rigs to Maryland, USA.
The latest news strengthened bearish sentiment for Bitcoin (BTC): a flagship cryptocurrency dropped to a two-weeks low below $31,800 on major spot exchanges.
However, some opine that the exodus of Bitcoin (BTC) miners from China will put an end to the "China FUD" for a while.
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