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The post Top Crypto Expert Ben Armstrong Explains the Dangers of China-Crypto Narratives appeared first on Coinpedia Fintech News As the crypto world continues to expand and evolve, the role […]
The post Top Crypto Expert Ben Armstrong Explains the Dangers of China-Crypto Narratives appeared first on Coinpedia Fintech News
As the crypto world continues to expand and evolve, the role of China in the market remains a topic of much debate. While some see the country’s involvement as a major opportunity, others are warning of the dangers that come with giving China too much credit.
Bitboy Crypto, a leading voice in the crypto community, is sounding the alarm about the dangers of the China-crypto narrative and what it could mean for the future of the market.
According to Bitboy, there is a danger in giving China too much recognition for its role in crypto, as this makes the market susceptible to the negative actions of the Chinese government and the Chinese Communist Party (CCP). If China were to ban crypto yet again, the market could experience a major downturn, warns Bitboy.
The expert also takes aim at the notion of China’s dominance in Bitcoin mining, calling it a scam. Bitboy explains that the Chinese government still controls all the mining hardware and has simply moved its miners to countries like Uzbekistan and Kazakhstan to maintain control of the hash rate.
The crypto influencer believes that the Winklevoss twins and Brian Armstrong’s talk of a bull run starting in China are actually a threat to US politicians. The twins are essentially saying that if the US doesn’t fix its crypto regulation, it could lose its financial dominance in the world to China. However, Bitboy has more faith in America and believes that the country will get its act together and fix its crypto regulation.
Bitboy concludes by warning against giving China too much credibility in the crypto market, as it could lead to the country changing the rules in the middle of the game. Instead, he advocates for a decentralized bull run, where everyone can participate, and no one country or region has too much influence.
