Bitcoin is still down. And I’m still blaming China for it.
Last month, China banned Bitcoin mining in some inland provinces. It came at a bad time. Fresh off touting Bitcoin and Dogecoin as the next best thing after the dollar and the euro, Elon Musk said Bitcoin was bad for the environment and he was no longer accepting Bitcoin as payment for his Teslas. Bitcoin sunk. Alt-coins sunk. People blamed Musk. It was mostly China’s fault. And still is. Can we please move on now?
It seems China has shot itself in the foot by going after its Bitcoin miners. The U.S. is becoming a big time miner in its wake. Kazakhstan is a top three now. Now that the Bitcoin algorithm has re-calibrated to count for fewer China miners, we don’t need China anymore.