However, this should not be construed as a fight against bitcoin. The Chinese authorities are too pragmatic. They do not like the fact that too much cheap electricity is consumed from their hydroelectric power plants, and some miners even manage not to pay for it at all. The Chinese government is simply putting things in order in this area of business and trying to stop the revealed abuses. If it was a fight against bitcoin, it would be complex and we would clearly see that these measures are directed against bitcoins.
. However China seems to have more plans for the kind of distraction to them.
It would appear that they are trying to make it look like they are setting example for greener energy. As
China’s Solar Industry Is Set Up To Be The New Green OPECIt’s called the China F
UD, and it has been used by the nocoiners with an anti-Bitcoin agenda for YEARS. Zoom out the chart from 2012, and mark all the points/dates from when all the China FUD was posted. Nothing “killed” Bitcoin from $100 to $50,000. Honey Badger don’t care.
2013 China FUD/Crackdown
https://www.bbc.com/news/technology-25233224Let’s use Bitstamp’s price history because it’s the longest.
Date of news, December 5, 2013. Bitcoin’s price - $1,035.67
March 21, 2014 - $570
June 23, 2017 - $2,685.05
October 5, 2017 - $4301.09
February 5, 2018 - $6,874.27
December 30, 2019 - $7,220.24
November 13, 2020 - $16,335.58
March 5, 2021 - $48,739.21
Plus Bitcoin has been running for 11 years. ELEVEN YEARS! How much longer should the protocol run before it gets the recognition it deserves?