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The Chinese government’s harsher approach to cryptocurrency and Bitcoin trading might not be a bad thing, according to Gemini’s former security engineer. In fact, he sees the crackdown as “fantastic news” and that it points to a greater store of value than anything to what we can compare.
According to Bloomberg, the former engineer Brandon Arvanaghi drew the comparison between China’s ban on Facebook and Google and its relationship with crypto trading and mining. Speaking with Emily Chang at Bloomberg, Arvanaghi said that a crackdown on the cryptocurrency is a sign that Bitcoin is doing the right thing, rather than failing at something. He said that the ban on Bitcoin is making the leaders of countries nervous, noting:
“This is fantastic news. It is a right of passage for freedom technology to get banned in China. Look at Google, look at Facebook. Were those sell signals for those stocks or were they buy signals? This means that Bitcoin is working, not that it’s failing. It’s making nations shiver in their boots. And the facts that the market is responding in this way – I don’t think they fully understand what’s going on here.”
Nations are picking sides
Arvanaghi said that China’s response to Bitcoin is similar to its response to Google and Facebook – which is a bullish sign for the cryptocurrency. In the medium-term it’s bullish, and for the long-term, it’s an exceptional sign for future case adoption. In terms of trading and investment, he added:
In the long-run, we’re going to start valuing our wealth in terms of Bitcoin, and the volatility is the tax that we pay for being on the right side of this incredible trade. In the long-run, it’s going to pay its dividends.”
In terms of where Bitcoin might go as a value-option, he noted that “one Bitcoin is one Bitcoin” and that it will be the future term of finance, rather than looking at what the US dollar (or Lambo) value ascribed to the market might be.