Nick Spanos: Bitcoin is an unstoppable machine and China cannot stop it
There are those who have been super pessimistic about China’s strong measures against Bitcoin mining and trading. In fact, after warnings from the Asian nation in late May of repressive measures against crypto, the price of the main cryptocurrency, and the market in general, fell sharply.
However, there are those who are on the wing of optimists, such as the founder of the Bitcoin Center and co-founder of the Zap Protocol, Nick Spanos, who said that the Chinese repression only shows that Bitcoin is an unstoppable machine “if the second largest economy the world cannot crush, devalue and manipulate Bitcoin. ”
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This was published by Cointelegraph. He added that Spanos, noting that the crackdown is increasing shortages due to fewer miners relative to transaction volume, underscored the increase in miners’ profits while mining difficulty continues to decline. In this regard, he explained:
“The Bitcoin algorithm is adjusted approximately every two weeks to allow a block of transactions to be mined every 10 minutes. So, it has become easier and more profitable to mine Bitcoin. That is a recipe to attract more miners again ”.
Likewise, Spanos said that miners moving out of China will seek to find a location with immediate neighbors, such as Kazakhstan, Iran and Russia.
“Others in the region would also be well served if they took advantage of this opportunity,” he added.
Spanos further noted that the price of Bitcoin has always risen once regulatory setbacks are “digested by the community.”