David Marcus, head of Facebook Financial (F2) and lead of the company’s crypto project, believes that the Chinese government cracking down on Bitcoin is a great development for the cryptocurrency.
And he has found many a folk in the crypto space who agree with his sentiment.
F2 is a side of the social networking giant that handles all payments and financial services offered by Facebook, and these include Facebook Pay and Novi. David is also the co-creator and board member of the crypto project Diem, formerly known as Libra.
And this is what he tweeted on Monday:
How is more #Bitcoin mining power moving to the 🇺🇸 and the West a bad thing? IMO China cracking down on mining is a great development for BTC.
— David Marcus (@davidmarcus) June 21, 2021
Many people agreed with him, with several of them saying that the move may seem bearish in the short term, but is good for Bitcoin in the long run. In fact, Chinese mining concentration was never a good thing for a project that prided itself on decentralization.
Others opined that every move that is supposed to bring down Bitcoin actually ends up working in its favor.
Following the Chinese government shutting down Bitcoin mining farms, miners have reportedly started to move their operations out of China. They are now looking to regions like Central Asia, Eastern Europe, Northern Europe, even the US.
Industry insiders expect a dramatic shift over the next few months, as miners domiciled in China and company located in the country move to other places that are more open such operations.
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