Accéder au contenu principal

3 Reasons China Should Repeal Bitcoin Ban (Opinion)


China’s economy grew 5.2% in 2023, but its stock market took a 10% tumble for the year. Meanwhile, some Chinese investors sought shelter in cryptocurrency despite the government’s Bitcoin ban.

These brave souls were not unpatriotic, nor was their investment in Bitcoin against the fundamental principles of Chinese communism. In fact, they are on to something that most of the world’s governments have been slow to grok: Bitcoin represents an ideal store of value beyond borders or political ideologies.

Here are three reasons China should repeal the Bitcoin ban:

Strong Chinese Demand Despite Bitcoin Ban

Chinese GDP grew by 5.2% in 2023, but its stock market was the worst-performing equity market in the world, with a 10% fall (while the U.S. S&P 500 Index soared 25%).

As a result, illicit Bitcoin trading in China surged to $86 billion worth of transactions last year. Chinese investors were ducking out of a troubled market for Chinese stocks.

Some Chinese view Bitcoin as a safe haven like gold. Dylan Run, a Shanghai-based finance sector executive, recently told Reuters, “Bitcoin is a safe haven, like gold.”

China Is Ideal For Bitcoin

Not only is China home to low industrial energy costs from coal-fired power plants, which is great for Bitcoin miners, but it’s also nearest to the sourcing for silicon chips used to make the ASICs (application-specific integrated circuit machines) Bitcoin miners use nowadays.

Strategic Rivalry / Partnership With U.S.

The U.S. and China are global strategic rivals and partners geopolitically, militarily, and economically. China cannot allow the U.S. and Europe to dominate Bitcoin ownership rates and hash rates without paying a heavy price in opportunity cost.

If the U.S. dollar loses its global hegemony to borderless cryptocurrencies over the next two decades, China will no longer enjoy the benefits of dollar hegemony for its export industries.

If it allows Chinese citizens like Dylan Run to invest in Bitcoin, some of that loss will be made up for by the disruptive industry that caused it.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).


Source link

The post 3 Reasons China Should Repeal Bitcoin Ban (Opinion) appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...
Enregistrer un commentaire
Lire la suite

$3 Million Stolen In ‘Kraken’ Crypto Con

The surge in online scams has drawn heightened regulatory attention towards the crypto industry. A recent case serves as a vivid reminder of the risks involved, where a Connecticut resident became a victim of a significant scam, losing more than $3 million to individuals falsely purporting to be associated with Kraken, a well-known cryptocurrency exchange. The victim, who remains unnamed, was based in Westport and followed advice to transfer funds out of a retirement account, intending to reinvest the money in an account supposedly linked to Kraken. However, their decision led to more than $3 million swiftly disappearing into crypto wallets they could not access. Recovery Of Stolen Crypto Funds Fortunately, the victim sought help from law enforcement, and local detectives, collaborating with the state’s Organized Crime Task Force, launched an investigation. This diligent effort enabled them to trace the transactions and freeze accounts involved in the scam. While they managed to r...
Enregistrer un commentaire
Lire la suite

Space loves AI, AI doesn’t love Space

Space-related applications of artificial intelligence and machine learning are often confined to the ground because moving AI onboard satellites, while promising, is significantly more difficult. “Running AI in space is like running a marathon on the moon — impressive if achieved, but limited by the environment,” said Sylvester Kaczmarek, chief technology officer at OrbiSky Systems, a London startup focused on AI edge operations. Advanced processors are power hungry, meaning satellites with onboard AI require large solar panels and extra batteries. Plus, “radiation in space can fry electronics,” Kaczmarek said. Power management is another problem. Many AI devices require very high currents at low voltages. “The demands that AI devices place on power management are new to the space industry,” said Bert Vermeire, Voyager Space chief technology officer. “There are no good solutions with space heritage and it is difficult to identify efficient and small form factor power and manageme...
Enregistrer un commentaire
Lire la suite