Chinese ban is “incredibly bullish” for Bitcoin – former Gemini engineer

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.

Related Articles

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

Expansion: Coinbase will be launching in the Netherlands

As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.

Is Bitcoin better than retail estate as an investment?

According to MicroStrategy CEO Michael Saylor, Bitcoin presents a much better long-term asset than property.

See All