Anthony Scaramucci: China’s Bitcoin-mining ban is a positive development

In the long run, Bitcoin will benefit from China’s ban on mining. This view was voiced by Anthony Scaramucci, founder and managing partner of SkyBridge Capital, in an interview with CNBC.

«China getting out of the way, I think will be a long term positive for #bitcoin,» says @Scaramucci on $BTC. pic.twitter.com/ypP14XIYY3

— Squawk Box (@SquawkCNBC) July 7, 2021

“China getting out of the way, I think will be a long-term positive for Bitcoin,” he said.

Scaramucci acknowledged that Chinese authorities’ measures toward the industry have made the cryptocurrency highly volatile and contributed to a drop from its previously reached price peak.

Nevertheless, in the longer term, China’s rejection of fossil-fuel mining will help address Bitcoin’s environmental problem, he believes.

The founder of SkyBridge Capital cited data showing that the share of “green” energy in the industry had reached 56%. To this conclusion came the Bitcoin Mining Council, a North American miners’ organization, in its first report. Experts questioned the objectivity of the study.

Scaramucci is confident that this figure will rise as Bitcoin is adopted by countries such as El Salvador and as inflows of investment from Wall Street come in.

As reported, following the recognition of the first cryptocurrency as an official means of payment in El Salvador, decided to develop mining using volcano-powered clean energy.

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