MicroStrategy CEO says China’s crypto crackdown a ‘trillion-dollar mistake’ 

The chief executive officer and founder of MicroStrategy has strongly criticized the Chinese government for its actions against crypto miners. 

In an interview with Bloomberg Technology, Michael Saylor said China was making a ”trillion-dollar mistake” by driving out crypto operations in the country. 

According to him, China is passing up on a big opportunity to be the world’s Bitcoin leader, since the nation had a 50% market share of the dominant crypto. On top of that, the country is generating $10 billion a year from the crypto-mining business that was growing 100% per annum.

Major tragedy

Saylor also said China’s series of crackdowns have brought a major tragedy to crypto miners and forced them to migrate overseas to continue their operations. 

Currently, the United States proves to be an attractive place for “driven-out” crypto miners with Texas and Miami priming up to be a crypto hub. 

In fact, it is rumored that some of the major crypto mining companies such as Argo Blockchain, Great American Mining, and Bitmain have already moved their operations to Texas to take advantage of the state’s cheap energy. 

Microstrategy’s ‘strategy’ in BTC

Saylor also shared that his company has increased its Bitcoin holdings which now totals to 100,000 BTC (equivalent to $3 billion). He added that Bitcoin would not just be a ‘flash in the pan’ trend but would remain as a long-term trend with long-term benefits for people. 

In his tweet after the interview, he said: “If you want to give knowledge to 5 billion people, you need digital books. If you want to give wealth to 5 billion people, you need digital property (NFTs and cryptocurrencies) .” 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/microstrategy-ceo-says-chinas-crypto-crackdown-a-trillion-dollar-mistake/