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Facebook Payment Lead David Marcus Considered China's Shackling Decision a "Great Development" for Bitcoin

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Mon, 06/21/2021 - 12:55
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Alihuseyn Gulu-Zada
Facebook payment leader David Markus viewed China's decision to ban mining as a "great development" opportunity for Bitcoin
Facebook Payment Lead David Marcus Considered China's Shackling Decision a "Great Development" for Bitcoin
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Commenting on IMO China's recent decision to block mining in the country, David Marcus said it would create a very favorable opportunity for Bitcoin development. He expressed his admiration for the transfer of mining power to the West.

Also, the head of the Facebook payment system expressed that there is misunderstanding in the pessimism of the crypto community. It is clear from Markus' tweet that he is completely positive about such a scenario.

How is more #Bitcoin mining power moving to the πŸ‡ΊπŸ‡Έ and the West a bad thing? IMO China cracking down on mining is a great development for BTC.

β€” David Marcus (@davidmarcus) June 21, 2021

Earlier, China's Central Bank announced that Chinese banks and payment institutions should take strict measures on cryptocurrency transactions.

Recall that earlier the Agricultural Bank of China (ABC), the third largest banking organization in China, banned its customers from transactions related to cryptocurrencies. The bank in particular blocked all transactions related to digital assets, as well as terminated contracts with customers who made these transactions.

Authorities in China's Sichuan province, a major center for cryptocurrency mining, have also banned mining. The Sichuan Energy Bureau, together with the local Development and Reform Commission, approved measures preventing the mining of digital currencies in the region. 

Such harsh decisions of China were critically met by the majority of the crypto community and caused some panic in the market. In particular, the price of the first cryptocurrency fell below $32,000 today.

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About the author

Alihuseyn graduated from Yale University with a focus on linguistics and philosophy. He has worked as a journalist-analyst for Trend News Agency. At the same time, he is an academically trained singer (baritone) and a composer. Alihuseyn has been involved in cryptocurrency and blockchain since 2017 and is an enthusiast in this field, considering blockchain technology revolutionary and capable of changing society. In this area, he has written several theoretical and analytical pieces.