Mike McGlone, Bloomberg’s chief commodity strategist, has taken to Twitter to share how the crypto markets are reacting to the Chinese ban on cryptocurrency miners and opines what effect it may have on Bitcoin in the long run.
“Chinese ban may boost BTC underpinnings in the future”
The expert McGlone believes that the digitization of money is now growing thanks to the policy of the Chinese government against crypto miners and crypto traders.
The first chart shared by him shows a major rise of Tether’s USDT market capitalization value this year but a drop in Bitcoin price to $33,268.
McGlone has tweeted that the headwinds from China, that are becoming increasingly antagonistic to the world’s digital competitor of gold, may well turn into a tailwind in the long term.