Bitcoin News: Michael Saylor believes that China’s pressure on BTC miners will reduce Bitcoin‘s carbon footprint.
Such a move will make mining profitable for other Bitcoin miners as well.
It will also eliminate the “nagging” Chinese FUD that comes once or twice a year.
Bitcoin could drop to $ 20,000 levels soon
Michael Saylor, CEO of MicroStrategy, explored a scenario where the pressure on Bitcoin miners by the Chinese government would actually be positive for BTC, the mining industry and the environment.
According to Saylor, such a move would “radically reduce the carbon footprint of all remaining Bitcoin miners” and thus support the advancement of several ESG (Environmental, Social and Governance) goals to make BTC more environmentally friendly. He also added that such a pressure would reduce the ‘nagging’ FUD that occurs once or twice a year by the Chinese government and thus benefit from the value of Bitcoin.
Saylor shared his thoughts on the benefits of pressure on BTC mining in China via 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 approach zero – Timothy Peterson
Bitcoin and crypto analyst Timothy Peterson took a similar view when he announced that a ban on BTC mining in China would reduce the carbon footprint of BTC to almost zero. He shared his analysis of such a ban with the following statement.
China’s btc mining ban will bring bitcoin’s carbon footprint closer to zero and eliminate the strongest anti-bitcoin argument the old FinGov system had.
Bitcoin Could Fall Between $ 1.4,000 To $ 1.8,000 ETH To $ 20,000 Level
In another Twitter comment, which can be found below, Mr. Peterson predicted that Bitcoin could continue correcting the $ 20,000 levels. Regarding Ethereum, he predicted that it could fall to the $ 1,400 to $ 1,800 range. He also predicted that Chainlink would drop to “youthful” levels as seen below.
willing and expect to wait months.
— Timothy Peterson (@nsquaredcrypto) May 21, 2021
At the time of writing, Bitcoin seems to retest to $ 30K levels in the following hours, and Ethereum has already lost its $ 2K support. Chainlink also fell into the $ 18 price area, thus confirming his predictions two days ago.