Chinese Crypto Ban Could Be Long-Term Good For Bitcoin – BitGo CEO

Ban Bitcoin China Forecast
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Jaroslaw Adamowski
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Mike Belshe, CEO and Co-Founder of digital asset financial services company BitGo, claims that a recent clampdown on crypto in China could be a good thing for Bitcoin (BTC) in the long-term.

Mike Belshe, Co-founder and CEO of BitGo. Source: a video screenshot, Youtube/Bloomberg

“Over the last ten years, there’s never been a shortage of reasons to think that this is the final deathblow to Bitcoin,” Belshe told Bloomberg TV. “We’ve been concerned about China for a long time. People have said: who’s mining this Bitcoin [and] … then we’ve said: oh no, it’s funded with coal power that’s harming the environment.”

Per the CEO, the ban demonstrates that “Bitcoin actually is resistant to any party trying to take it down,” and the only losers of this policy “are probably the Chinese citizens, and it will be temporary” as the Chinese authorities will eventually need to incorporate the use of digital assets and cryptocurrencies in their economy.

Referring to the future of cryptocurrency regulation, Belshe anticipates that “at the end of the day, I believe the regulators are going to realize that, you know what, it’s actually not any different than other asset classes in terms of how we participate in it, whether you’re a broker, an exchange, custodian, or a bank”.

BitGo’s CEO also commented on his company’s forthcoming acquisition by investment management firm Galaxy Digital for an estimated USD 1.2bn, saying the move would enable BitGo to expand its foothold in the institutional markets which are increasing their exposure to crypto.

“I’m in this for the long-term, so it’s not really so much a sale as a merger of great companies. The goal here is to make it so that digital assets are ubiquitous. That means that we’ve got fantastic retail markets. We’re looking to expand institutional markets. In the last six-nine months, we’ve seen the institutional markets overtake the retail markets,” Belshe said.

____
Learn more:
Chinese Central Bank Opts For Usual CBDC Rhetoric In Bashing Bitcoin, Stablecoins
China Is Not Done Yet With Its Crackdown On Crypto Mining – Researcher

More Articles

Price Analysis
Will Trump’s Tariffs Boost Bitcoin: Down 5% Again
Arslan Butt
Arslan Butt
2025-02-08 14:39:24
Price Analysis
Solana Struggles: Price Down Almost 15% in a Week – Is It Time to Buy?
Arslan Butt
Arslan Butt
2025-02-08 13:22:54
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors