{"id":45031,"date":"2021-06-27T10:26:07","date_gmt":"2021-06-27T07:26:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45031"},"modified":"2025-08-31T19:45:21","modified_gmt":"2025-08-31T16:45:21","slug":"microstrategy-ceo-calls-chinas-bitcoin-mining-crackdown-a-trillion-dollar-mistake","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/microstrategy-ceo-calls-chinas-bitcoin-mining-crackdown-a-trillion-dollar-mistake\/","title":{"rendered":"MicroStrategy CEO calls China\u2019s Bitcoin-mining crackdown a trillion-dollar mistake"},"content":{"rendered":"<p>Restrictive measures against the Bitcoin mining industry in China have been a tragedy for miners and a geopolitical misstep by the authorities. This was the view of MicroStrategy CEO Michael Saylor in an interview with Bloomberg.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">China\u2019s Bitcoin crackdown will be a \u00abtrillion-dollar mistake.\u00bb<\/p>\n<p>MicroStrategy CEO Michael Saylor talks to <a href=\"https:\/\/twitter.com\/emilychangtv?ref_src=twsrc%5Etfw\">@emilychangtv<\/a> <a href=\"https:\/\/t.co\/Eu4ZAUjjhD\">https:\/\/t.co\/Eu4ZAUjjhD<\/a> <a href=\"https:\/\/t.co\/AJ951tFr39\">pic.twitter.com\/AJ951tFr39<\/a><\/p>\n<p>\u2014 Bloomberg Technology (@technology) <a href=\"https:\/\/twitter.com\/technology\/status\/1408548433292677140?ref_src=twsrc%5Etfw\">June 25, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The main driving force of the market is the outflow from China. This is a forced and hurried exodus of capital and mining from the country, which came as a surprise. China had a 50% share of the Bitcoin market, and they were generating $10 billion a year, growing 100% year over year. I think that given Bitcoin&#8217;s growth rate this will be a trillion-dollar mistake,&#8221; he said.<\/p>\n<\/blockquote>\n<p>The crackdown on mining in China will benefit North American mining operations and Western investors, Saylor says.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is a big boon for North American Bitcoin miners, who have the same costs, and they are set to earn 50% to 75% more revenue for some time because the Chinese business is shut down,&#8221; he said.<\/p>\n<\/blockquote>\n<p>The need to close his operations or relocate due to the ban forced Chinese miners to dump cryptocurrency. That volatility in the market created &#8216;great opportunities&#8217; for investors, Saylor noted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Companies like mine bought Bitcoin around $30,000. We would have paid two or even three times as much if not for the Chinese exodus, so we benefited from this,&#8221; he added.<\/p>\n<\/blockquote>\n<p>Following the <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-buys-13005-more-btc\">purchase of 13,005 BTC<\/a> for about $489 million, MicroStrategy increased its crypto-asset holdings to 105,085 BTC.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Restrictive measures against the Bitcoin mining industry in China have been a tragedy for miners and a geopolitical misstep by the authorities. This was the view of MicroStrategy CEO Michael Saylor in an interview with Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":45032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1137,1138],"class_list":["post-45031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-cryptocurrency-mining","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=45031"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45031\/revisions"}],"predecessor-version":[{"id":45033,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45031\/revisions\/45033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/45032"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=45031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=45031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=45031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}