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December 5, 2022
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Mike Novogratz on Chinese crackdown: “It will take some time for Bitcoin to recover”

“News from China is not good”

Former hedge fund manager and CEO of Galaxy Digital, Michael Novogratz shared his opinion on China’s latest attempt to crack down on cryptocurrencies. Novogratz used Twitter to explain why Chinese authorities are trying to suppress Bitcoin (BTC) and cryptocurrencies once again. According to him, the repression must be attributed to the authoritarianism of President Xi Jinping’s political system.

“The news from China is not good. Xi is an authoritarian leader who wants to control things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets out of the system, but they are making it more difficult. It will take some time to recover. Have faith.”

Although the Chinese leader wants “control over things”, Bitcoin remains the opposite of authoritarianism.

Galaxy Digital’s CEO is confident that Chinese cryptocurrency owners will be able to move assets out of China, but it will be more difficult to do so given current circumstances.

Meanwhile, that process isn’t even close to an end, and Novogratz urges bitcoiners to “keep the faith.”

Bitcoin plummets to a two-week low as miners leave China

The Chinese crackdown on Bitcoin and cryptocurrencies goes far beyond mining operations. As previously reported, the Central Bank of China has banned five major banks from interacting with cryptocurrency-oriented companies.

In addition, the CNBCs Beijing Bureau Chief, Eunice Yoon, confirmed Guangzhou Bitcoin Miners (BTC)  began moving their rigs to Maryland, USA.

The latest news has strengthened the bearish sentiment for Bitcoin (BTC): the flagship cryptocurrency has dropped to a two-week low below $31,800 on major spot exchanges.

However, some opine that the exodus of Bitcoin miners (BTC) from China will put an end to “China FUD” for a while.

Source: U.Today

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