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June 28, 2022
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Chinese ban may be a good long-term idea for Bitcoin – BitGo CEO

Mike Belshe, CEO and co-founder of BitGo, a digital asset financial services company, says a recent crackdown on crypto in China could be a good thing for Bitcoin (BTC) in the long run.

“Over the past ten years, there has never been a lack of reason to think this is the final killing blow for Bitcoin,” Belshe told Bloomberg TV. “We’ve been worried about China for a long time. People said: who is mining this Bitcoin [e] …so we said: oh no, it’s financed with coal power that’s harming the environment. ”

According to BitGo’s CEO, the ban demonstrates that “Bitcoin is actually resistant to any party that tries to bring it down”, and the only losers to that policy “are likely Chinese citizens, and it will be temporary” as the authorities Chinese companies will eventually need to incorporate the use of digital assets and cryptocurrencies into their economy.

Referring to the future of cryptocurrency regulation, Belshe anticipates that “at the end of the day, I believe regulators will realize that, you know, it’s no different from other asset classes in terms of how we participate in it, whether you’re a broker , an exchange, a custodian or a bank”.

BitGo’s CEO also commented on his company’s upcoming acquisition by investment management firm Galaxy Digital for about $1.2 billion, saying the move would allow BitGo to expand its presence in institutional markets that are increasing its exposure to cryptocurrencies.

“I’m in it for the long term, so it’s not so much a sale as a merger of big companies. The goal here is to make digital assets ubiquitous. That means we have fantastic retail markets. We want to expand institutional markets. Over the past six to nine months, we’ve seen institutional markets overtake retail markets,” Belshe said.

Source: CryptoNews

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