Crypto fell again today as the Chinese government again reiterated that it will crackdown on Bitcoin mining.
I remember that 50% of bitcoin is mined in China that will leave a huge shortfall in mining. The loss of this massive mining capability will result in slower transactions and more space for smaller miners.
What could happen next? If the Chinese government shoot themselves in the foot they could find
that mining farms are simply moved out of the country, but there will be a huge shortfall. This could also affect the shortage of chips as the Chinese miners will no longer require huge amounts of chips for graphics cards.
If the Chinese government give up on the idea of regulating crypto, the price could fly through the roof. So it’s a great time to buy crypto and to start mining.
Time to go Long.