Hodlers beware: China is gunning for you

The headline is click bait and does not accurately describe the content of the article. To be specific, China doesn’t like the mining of Bitcoin in China. And I’m sure there’s no shortage of other countries that would happily take that industry of their hands. And now that Bitcoin mining has more incentive to go green than ever, I’m sure many countries would like that.

China has not declared that its citizens can’t HODL Bitcoin. Doing so, would be a huge impediment to Chinese wealth. Bitcoin and other forms of crypto will most likely be worth in the tens of trillions, maybe even north of 50 to 100 trillion some day, now that fixed income is finished. :(

If China won’t allow its citizens to hold part of that wealth its a huge impact on their country’s wealth.

What a ridiculously stupid headline

> An estimated 65% of global Bitcoin mining takes place in China, which requires huge amounts of electricity and has strained China’s State Grid. > While China has been transitioning to renewable energy, the vast majority of power generation still comes from dirty coal. > Bitcoin has become a direct challenger to China’s 2060 carbon neutrality pledge.

This actually makes China sound like a good guy, not a bad guy.