- Michael Saylor believes that a China crackdown on BTC miners would reduce Bitcoin’s carbon footprint
- Such a move would also make mining profitable for other Bitcoin miners
- It would also eliminate the ‘nagging’ China FUD that arrives once or twice a year
- Bitcoin could soon drop to $20k levels
The CEO of MicroStrategy, Michael Saylor, has explored a scenario whereby a crackdown on Bitcoin miners by the Chinese government, would actually be positive for the price of BTC, the mining industry and the environment.
According to Mr. Saylor, such a move would ‘radically reduce the carbon footprint of all the remaining Bitcoin miners’ and thus support the progress of several ESG (Environmental, Social and Governance) goals geared towards making BTC more eco-friendly. He also added that such a crackdown would also reduce the ‘nagging’ FUD from the Chinese government that pops up once or twice a year hence benefiting the value of Bitcoin.
Mr. Saylor shared his ideas on the benefits of a crackdown on BTC mining in China, through the following tweet.
A crackdown on miners in China would radically reduce the carbon footprint of Bitcoin mining, increase the profitability of all the remaining #Bitcoin miners, reduce nagging China FUD, support progress toward our ESG goals, & drive up the value of $BTC. We should be so lucky… https://t.co/78ELDF9sku
— Michael Saylor (@michael_saylor) May 21, 2021
Bitcoin’s Carbon Footprint will Near Zero – Timothy Peterson
Bitcoin and crypto analyst, Timothy Peterson, was of a similar opinion when he explained that a ban on Bitcoin mining in China would reduce BTC’s carbon footprint to near zero. He shared his analysis of such a ban through the following statement.
A Chinese ban on bitcoin mining would make bitcoin’s carbon footprint near zero, and take away the strongest anti-bitcoin argument the legacy FinGov system has.
Bitcoin Could Drop to $20k Levels, ETH Between $1.4k to $1.8k
In another Twitter commentary that can be found below, Mr. Peterson forecasted that Bitcoin could continue correcting to $20k levels. With respect to Ethereum, he forecasted that it could drop to the $1,400 to $1,800 range. He also forecasted that Chainlink would drop to the ‘teen’ levels as seen below.
Numbers I'm looking for:#bitcoin: 20-ish#ethereum: 1400-1800#chainlink: teens.
willing and expect to wait months.
— Timothy Peterson (@nsquaredcrypto) May 21, 2021
At the time of writing, Bitcoin looks set to retest to $30k levels in the hours to follow and Ethereum has already lost its $2k support. Chainlink has also slid lower to the $18 price area thus confirming his predications made two days ago.