Okay, I know what you're all thinking. You're thinking that I'm crazy for saying that China's banning of all cryptocurrency was a good thing. But hear me out.
Everyone knows that China used to be the world's foremost cryptocurrency mining hub. But a few months back this all changed when the Chinese government started cracking down on cryptocurrency mining in Xinjiang province after the release of the Digital Yuan -- China's very own CBDC.
Not too long after the news of the crackdown spreads, the crypto-market that was on a bullish cycle, crashes.
China cracking down on cryptocurrency wasn't exactly new. Before the Xinjiang province crackdown, the Chinese government did something similar years prior although not on the same scale as that of the recent crackdown.
And like Xinjiang crackdown, the crypto-market also suffered greatly during those other times.
Still, unlike the previous crackdowns, the Xinjiang crackdown did have a positive effect on the industry as a whole. And that was it forces all cryptocurrency mining projects out of China.
Similarly, the recent announcement of China completely banning cryptocurrency on the country would allow the market to finally escape from the CCPs grasp.
But what does it mean to us? It means that the crypto-market would no longer be at the mercy of the Chinese government since most of if not all cryptocurrencies would be out of China.
Sure, the market had suffered a bit because of the total ban but that's just temporary. In the future, any rumors of crackdowns coming from China would no longer affect the market.