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
I agree with that statement,but cryptocurrency miners still haven't left China,despite all the regulatory pressure and FUD coming their way.
I guess that most crypto miners still like going business in China,because they have some advantages,that cannot be easily found in other countries-cheap electricity,cheap labor,cheap real estate,etc...
Moving their facilities to other countries won't be that easy.
We can't be sure that the miners will move into more 'capitalistic and democratic societies'.What if they move to Russia or Kazakhstan?Miners are interested in having cheap resources and affordable electricity.They don't care that much about the democracy or political situation of the country,where they want to start their business.