China’s Crackdown on Bitcoin Mining a Big Positive, Says Mike Novogratz

China's Crackdown on Bitcoin Mining a Big Positive, Says Mike Novogratz

Michael Edward Novogratz is an ex-hedge funds manager, formerly of the investment firm Fortress Investment Group. He is the CEO of Galaxy Investment Partners, which center’s around cryptographic money like Bitcoin and Ethereum.

As significant miners are going out of China consistently after the country’s crackdown on Bitcoin (BTC), Galaxy Digital CEO Mike Novogratz has described different specialists in seeing the movement out of China as a positive turn of events.

Novogratz clarified on Bloomberg that regardless of China’s endeavor to sabotage Bitcoin — like forbidding mining, restricting leverage, and in any event, prohibiting Bitcoin in certain spots — the first digital currency is as yet perfectly healthy.

The most recent few weeks, where the crypto market experienced high instability with abrupt value crashes in all cases, was an incredibly effective test for the crypto environment overall, as per Novogratz.

He further added

“We didn’t have the plunge protection team. We didn’t have lawsuits. The system worked how it was supposed to work. It is a very robust system that has been built in a small amount of time.”

Crypto Ecosystem

Novogratz likewise recorded more recent additions to the crypto biological system, as decentralized finance and non-fungible tokens, before finishing up.

Talking on the general impression of the crypto biological system, Novogratz singled out Bitcoin as “it cut out its path as something which has made its way and calling it as digital gold. He anticipated Bitcoin to be the digital form of gold for the next 3,000 years.

Notwithstanding China’s undermining, Bitcoin exists and stands strong from various perspectives, Galaxy Digital’s CEO said.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.