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China Banning Bitcoin Is a Big Mistake, Says Dan Held -Breaking

by Mike Robinson

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© Reuters. China Bans Bitcoin, Says Dan Held
  • OG, Dan Held, tweeted, “China banning Bitcoin may be the biggest geopolitical mistake of the century.”
  • Twitter (NYSE:), where he posted his tweet, sparked many conversations that showed people had different opinions.

Dan Held (one of the OG Bitcoin supporters) started a topic on Twitter yesterday. He says that China’s decision in banning BTC might be the ‘biggest geopolitical mistake of the century.’

China stunned the crypto world when it banned BTC within the country. More crypto platforms have fled the country to continue their operations elsewhere as a result.

This decision caused a huge butterfly effect on the market. There was some period this year that the market saw a drastic change from China’s move.

With that said, as Dan Held said, China’s decision may be a big mistake, indeed.

In addition, the opinions expressed by Twitter’s crypto-community were varied. One account, @CurrencyWar1, said that “China’s CBDC will be the no. 1 digital currency in 2 years.” Another one, @theswampgirlUSA, said that “They [China]Want the Chinese digital Yuan to become a worldwide reserve currency and not $BTC. Their #cbdc will incorporate #AI and social credit tracking so they can know everything about everyone.”

Some are speculative, on the other side. For example, @Nuno_CFerreia said, “China is currently the number 2 holder of BTC… it doesn’t look like they banned it, they just want us to think they did.. the question is, why?”

Others saw it as a blessing. @jdubya stated,

Yes, for China. However, it was the next step in Bitcoin’s development. The goal was not for one country or region to hold so much of the miner’s resources. A stronger network means better world distribution.

In any case, we will see if Dan Held’s opinion is true in the coming months or perhaps years. The public has yet to learn how China’s ban on BTC will impact the market and country.

At the time of writing, BTC’s price increased by 0.56% in the last 7 days and trade at around $61,000, according to CoinMarketCap.

Continue reading on CoinQuora

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