During a recent interview with Bloomberg, the prominent BTC bull spoke about the adverse short-term effects of China’s recent crackdown on Bitcoin mining. While he acknowledged the hash rate and price declines, Saylor believes this ‘mistake’ from the Asian country will provide an excellent opportunity for others.
As CryptoPotato reported previously, the world’s most populated nation intensified its crackdown on the cryptocurrency space this year. More specifically, the Asian Superpower went after Bitcoin miners and ordered them to cease operations, citing environmental issues.
Being the country with the largest share of BTC mining, these actions impacted the network immediately. Not only prices started to tumble, but the hash rate dumped to a multi-month low.
Some reports indicated that some miners are relocating to other countries like Kazakhstan and the US, but the process will take time, which is why the metric fails to recover while it awaits the subsequent difficulty adju
