Dr. Saifdean Ammous holds a Ph.D. in Sustainable Development from the University of Columbia. He is performing duties as the Assistant Professor for Economics at the Lebanese American University. More importantly, he is the author of bestselling books called The Bitcoin Standard. Speaking to the journalist at Kitco News, he claimed that a major comeback for Bitcoin is inevitable.
He added that it is visible that the government has started a war on cryptocurrencies. He further explained that the recent market lapse would not have a long-lasting impact on the prices of the beacon coin. According to his statement, all efforts by the federal authorities in the past to implement a crackdown on cryptocurrency markets have remained astray.
The Bitcoin Standard Author Claims that the Recent Ban on Crypto Miners is Quite Austere
Speaking to the journalist on the declining situation of Bitcoin, Dr. Ammous remarked that the recent federal imposition on Bitcoin miners is quite Spartan. He claimed that about 90% of the crypto mining operations have gone cold. He further added that the biggest adverse impact on the market comes from China, where the federal authorities are planning to put out more mining farms.
He further added that Bitcoin is bound to come back into action on account of its economic advantages. As per his statement, it is not a realistic approach towards Bitcoin to think that it would go out of commission on account of the decentralized nature. Dr. Ammous claimed that if the centralized government issues policies accepted by the vast majority of decentralized traders, it can transform into a regulated market. However, if the vast majority rejects the new regulations, only the governing body would lock itself out of the crypto space.
Miners are All Set to Relocate and Get Back into Business as Soon as Possible
A massive number of Bitcoin miners resided in China. The main cause of this was the availability of cheaper electricity and easy accruement of real estate. However, recently the Chinese officials have imposed a blanket ban on all crypto things in the region. The biggest hit is sustained by the Bitcoin miners who have no other option but to consider relocation. Several miners have already signed contracts with Taxes based mining rigs that claim to have green energy back up.
On the other hand, more regions in Central and South American nations invite miners to open up farms. From Salvador to Miami, the Latin American regions seem to be at the forefront of becoming the next crypto mining haven. Francis Suarez, mayor of Miami, thinks that it is a great economic and development opportunity for his city.