Mainland china'due south crackdown on Bitcoin (BTC) mining and cryptocurrency trading recently became a main commuter for the reddish candlesticks on crypto market charts. Only one Bitcoin mining engineer believes China'southward ban on crypto is "fantastic news."

Brandon Arvanaghi, a old security engineer at crypto exchange Gemini, compared Communist china's harsh stance confronting Bitcoin with the country's ban on Facebook and Google.

Arvanaghi called getting banned in China a rite of passage for free technology and stressed that the crackdown means that Bitcoin is working, not that information technology'south failing. "It'south making nations shiver in their boots," he added.

He said that nations are now picking sides, with China responding to Bitcoin much as information technology did to major Western tech firms, which is incredibly bullish for Bitcoin for the long and medium-term.

Miners are currently flowing out of China — where a phone telephone call is plenty to shut downward an entire mining found — and into the United States.

"Bitcoin is the greatest shop of value in the history of planet World; naught is even comparable," Arvanaghi said, adding:

"We are going to start valuing our wealth in terms of Bitcoin, and the volatility is the tax that we pay for beingness on the correct side of this trade."

Related: Banks fall in line every bit China'south key depository financial institution cracks down on crypto accounts

Arvanaghi also compared Bitcoin'south journeying to a video game. In this trope, market-crashing news like drops in the hash rate or geopolitical tensions are bosses along the way "to the inevitable land of Bitcoin condign universally identified equally the greatest store of value we take always seen."

In the concurrently, miners are going to look for cheap electricity effectually the world, and Texas will be a potential address, Arvanaghi predicted recently. "We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible," he added.