China’s Bitcoin ban is short-term negative, long-term positive

Quote - “Historians will write that China had a majority of hashrate within their geographic borders, yet they made decisions that pushed that hashrate into more democratic and capitalistic societies. Just as North Korea chose to embrace the internet only for the elites, China is making a similar mistake here. As if that wasn’t bad enough, China’s plan for a nation state digital currency is similar to North Korea’s internal “internet.” As we have discussed over and over again, open systems beat closed systems. The Chinese approach of banning an open monetary network in pursuit of a tightly controlled monetary system is unlikely to be seen as an advantageous strategic move for their citizens. But just like North Korea, this decision will be helpful in continuing to consolidate power and ensure the longevity of the dictatorship.” - Anthony Pompliano