The price of bitcoin is expected to hit ‘$220K’ as a result of the Chinese government shutdown, which has caused miners to ‘airlift’ en masse to the United States.
CHINA’S bitcoin crackdown has prompted a major exodus of miners to the United States, with one analyst claiming that the action confirms his price target of “$220,000 BTC for 2021.”
The majority of China’s bitcoin mining operations were shut down yesterday, causing panic in cryptocurrency markets as the hash rate plummeted and operators sold assets to fund their migration to the United States. Many are going to Texas, where state governor Greg Abbott has expressed his support for mining activities. “Blockchain is a thriving business that Texas needs to be part in,” Mr. Abbott tweeted.
The move of China’s powerful mining companies to the United Governments will let American states to profit from the influx of Chinese workers by providing renewable incentives, allowing the United States to embrace the digital economy embodied by bitcoin.
Speaking to This website about China’s move, bitcoin pioneer Max Keiser said: “China doesn’t have the moral integrity to mine bitcoin.”
“The United States of America and El Salvador do.
“Difficulty adjustment has lowered to suit the mining transfer out of China, but will increase once the move is complete.
“My $220,000 BTC price target for 2021 remains unchanged.”
On Sunday night, Beijing declared that it would shut down all Chinese-based mining operations, resulting in an 8GW electrical load reduction.
Eunice Yoon, CNBC Beijing Bureau Chief, tweeted today about a Chinese mining business that was “airlifting” its equipment to the United States.
“A Chinese logistics firm in Guangzhou confirms to CNBC that it is airlifting 3,000kg (6,600lbs) of bitcoin mining devices to Maryland, United States,” she tweeted today.
“Fenghua International offers things that are delivered to your door, with all taxes paid on both ends.
“As little as $9.37 per kilo!” says the ad.
“The timing of this allows the US to actually become ‘The United States of Bitcoin,’” according to a Cryptosrus article.
“I think many of the miners are selling off bitcoin either forcibly or because they are attempting to produce revenue for new facilities, relocation, etc…,” George from Cryptosrus told This website.
In the last year, #Bitcoin has made its way to Wall Street. That is the latest information. The rest is just background noise. https://t.co/hDdTJYXrbm
“This is contributing significantly to bitcoin’s current weakness, which will pass.”
“It might just be a diversion to display to the international stage, making China look like they are,” George said of China’s rationale for shutting down its bitcoin miners.Brinkwire Summary News”.