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China Crypto Ban May Drive US to Embrace Crypto: Bloomberg’s Mike McGlone

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Fri, 10/08/2021 - 12:13
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Yuri Molchan
One of Bloomberg's leading experts believes that the Chinese crypto ban may change the new digital world order in favor of the U.S.
China Crypto Ban May Drive US to Embrace Crypto: Bloomberg’s Mike McGlone
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Bloomberg's chief commodity strategist, Mike McGlone, has taken to Twitter to share his take on the recent China crypto ban that is forcing many miners and exchanges to withdraw from the country and pushing some exchanges to shut down their businesses.

However, McGlone seems to have joined the camp of those who believe this crypto ban could be a good thing for the global crypto industry and the U.S. in particular.

"The U.S. may have a clear impetus to embrace cryptos"

As per his latest tweet, McGlone believes that the Chinese crackdown on the crypto industry imposed in late September and may be a "new digital world order table setter," i.e., the US government may now be driven to embrace cryptocurrencies, regulating them in a friendly way.

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Crypto ban makes over 20 crypto companies withdraw from China

According to the China Securities Journal, the current cryptocurrency crackdown is leaving companies no choice but to move their business out of the region. Over 20 companies engaged in crypto-related business activities have announced their plans to relocate from China soon.

Many crypto exchanges are closing down completely.

Among these are Huobi, CoinEx, and Renrenbit. Earlier today, the Chinese exchange BitZ, which had been operating for four years, also announced its shutdown by Oct. 21, urging customers to withdraw their funds and move them to other platforms or wallets.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.