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Exclusive: Russia, Canada could emerge as China’s successors following Bitcoin mining ban: eToro’s Greenspan

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Exclusive: Russia, Canada could emerge as China's successors following Bitcoin mining ban: eToro’s Greenspan
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The Chinese Bitcoin [BTC] mining ban proposed by the country’s macroeconomic planning agency riffled the market with FUD, leading many to speculate which country could pick up the mining mantle. With many looking east for the new mining havens, eToro’s senior market Mati Greenspan negated.

In an exclusive interview with AMBCrypto, Greenspan highlighted two key reasons which would be the prime factors for cryptocurrency miners. Firstly, the country will have to amass a considerable degree of “cheap renewable energy” and secondly, the legislation and attitude of the country should be “friendly towards crypto”.

Deviating from Japan and South Korea, which has seen crypto-friendly legislation and a pro-crypto populace, Greenspan pegged Canada and Russia to take the mantle. In his words:

“The two biggest ones are Canada and Russia, both of them have seen significant increases in their mining activity lately.”

To substantiate his choice of Canada as a mining haven, Greenspan referenced to an article from the Wall Street Journal, titled “Bitcoin in the Wilderness”. The article stated that Bitcoin mining could “monetize energy through the internet” by using wasted natural gas for the production of Bitcoin.

Wasted “natural gas”, a by-product of petroleum mining has been employed for the production of the top cryptocurrency by Black Pearl Resources, a Canadian mining field. Ryan Wartman, a production foreman at the field told WSJ:

“We’re using it to bring ourselves below the government-regulated amount that we can vent on location and keep producing oil.”

On the topic of Russia as a potential China successor, Greenspan stated that “Russia is extremely pro-crypto”. He added that its leaders are in the midst of introducing legislation for the industry that could come into force later this year.

According to Kremlin.ru, the official website of the President of the Russian Federation Vladimir Putin, a document has been issued which instructed the Federal Assembly, the national legislature of Russia to issue cryptocurrency regulations by July 1, 2019.

Furthermore, this list of regulatory requirements will also tackle other crypto-related aspects like initial coin offerings [ICOs] and cryptocurrency mining. With China’s proposed mining ban to return from public consultation in early May following the possibility of an outright ban, Russia’s July crypto-legislation is all the more important.

During the cryptocurrency bull run at the beginning of 2018, Putin stated that the Russian government should introduce legislation that would allow people to trade not only Bitcoin, but other virtual currencies as well.

Greenspan concluded:



“My feeling is that Russia is only increasing their efforts towards being crypto-friendly, rather than decreasing it.”

Recently, a report by Reuters stated that the lower chamber of the Russian parliament voted in favor of an internet bill that aims to solidify the country’s internet “sovereignty”. The bill would allow Russian web traffic and data to flow through a channel controlled by “stated authorities” to build a national “Domain Name System”.

The report adds that the primary motive of this bill is to “defend the country after the United States adopted what they described as aggressive new U.S. cybersecurity policies last year”. However, some members of the crypto-verse have suggested that it could potentially stifle the virtual currency industry, but Greenspan disagreed.





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Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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