A mass mining migration to the US, combined with other positive news like El Salvador’s Bitcoin Law, ultimately sparked a record-breaking recovery, and now speculation that China could reverse its decision has led to experts updating their forecasts.
“China unbanning bitcoin mining would be big news for the crypto space,” Nick Spanos, co-founder of Zap Protocol and one of the earliest bitcoin pioneers, told The Independent.
While pro-crypto publications like Coin Telegraph described the news as hopeful, claiming that the NDRC could reverse Chinese authorities’ negative stance against bitcoin, more mainstream outlets in the region warned it could actually make things worse.
Crypto mining was initially placed in the elimination category by the agency in September, alongside a ban from the People’s Bank of China to block cryptocurrency trading and financing.
This means there are no further moves China can make to further strengthen its stance against bitcoin, with some analysts suggesting that any market-moving news from China can now only go in one direction.
“China has banned and unbanned crypto in some way, shape of form pretty much every year since 2014.