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.
#China Banning #Crypto May Be New Digital World Order Table Setter - The U.S. may have a clear impetus to embrace cryptos and regulate the trade. The free-market capitalism of crypto assets is challenging nations like China that lack a free flow of capital and open discourse. pic.twitter.com/hcMuQqEn19— Mike McGlone (@mikemcglone11) October 8, 2021
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.