Bloomberg: Bitcoin ban will hurt China’s economy

The Chinese ban in China has been one of the most important news in recent months and one of the most important moments for the crypto market. For many, it is this ban that has been the reason for the latest drop in bitcoins and difficulties with the price recovery in recent months. But stop Mike McGlone, strategist Bloomberg, the ban on bitcoin in China could create problems for the local economy of the Asian country.

McClone is a big supporter of Bitcoin and believes the price of the digital asset will rise this year, having previously stated that the currency will still hit $ 100,000. In a recent tweet, he spoke about the current situation and believes that China’s move away from cryptocurrencies could stunt economic growth

In his official Twitter account, the Bloomberg strategist said that the move away from open source crypto assets would stabilize the country’s economic growth for years to come.

“Hello China, good luck with that – bitcoin and dollar dominance.

We believe that China’s abandonment of open source cryptoassets could halt the country’s economic growth, while increasing the value of the dollar and bitcoin. “

In his analysis, McClone highlighted not only Bitcoin, but also USDT (Tether) and other cryptocurrencies that digitize the dollar. Even though the dollar does not have a digital dollar project, USDT is ahead of the digital yuan in terms of digitization.

Thus, by banning and rejecting cryptocurrencies, China is losing a powerful form of digital digitization, and the yuan remains far behind the dollar in this regard. This could hinder future currency gains and even thwart Yuan Digital’s plans to threaten the dollar’s dominance.

In addition, mining has been a strong source of income in different regions of China, affecting the local economy in different ways. Reducing this economic flow will certainly bring more difficulties to the future of the Asian country.

This isn’t the first time McGlone has spoken about Bitcoin’s connection to China’s ban, always saying that the country is the biggest loser in this situation.

“Bitcoin and the digitalization of money and finance could spell the collapse of China. Antagonistic opposition from China could lift bitcoin’s fundamentals in the long run. “

In doing so, it is necessary to wait who will really win the war of digitalization of money: the United States, China or Bitcoin with its decentralized and free nature.