abandoning bitcoin could slow down the growth of the Chinese economy

According to Mike McGlone, bans in the PRC will positively affect the value of the first cryptocurrency and the US dollar.

Bloomberg chief commodity strategist Mike McGlone predicted that the move away from Bitcoin and other open source cryptocurrency could slow the growth of the Chinese economy.

As a result, the value of the US dollar and bitcoin will rise, McGlone wrote on his Twitter account.

Hey #China? Good Luck With That One – #Bitcoin, #Dollar Dominance:
China's rejection of open-source software crypto-assets may mark a plateau in the country's economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. pic.twitter.com/gI3rNjC9X7

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— Mike McGlone (@mikemcglone11) July 23, 2021

Last month, China tightened the regulation of cryptocurrency in the country.

In five provinces of the PRC, a ban was imposed on the mining of digital assets, and Chinese banks and other financial institutions were banned from conducting operations related to cryptocurrency .

The restrictions in China led to the fact that more than 90% of miners turned off their equipment to move to other countries by the end of June , and the hashrate of the bitcoin network collapsed by more than 50%.

Since mid-May, the value of bitcoin has dropped by 35%. On June 22, for the first time since January of this year, quotes dropped to $ 28.8 thousand.

At the end of May, McGlone confirmed his forecast for bitcoin, despite the decline in the bitcoin rate to $ 30 thousand.

Then the strategist argued that the first cryptocurrency (bitcoin ) was still in the stage of a bull market and was on its way to the $ 100 thousand mark.