Facebook’s David Marcus: China’s Bitcoin Mining Crackdown ‘Great Development’ for BTC
The head of Facebook Financial (F2), David Marcus, who is in charge of crypto project Diem, formerly Libra, believes that the Chinese government cracking down on bitcoin mining is “a great development” for the cryptocurrency. Many people in the crypto space agree with him.
Facebook’s Executive Believes China’s Bitcoin Mining Crackdown Is a Good Development
David Marcus, head of F2 (Facebook Financial), has shared his view on the Chinese government cracking down on bitcoin mining. F2 includes Facebook Pay, Novi, and all payments and financial services efforts by the social media giant. Marcus is also a co-creator and board member of the crypto project Diem, formerly Libra.
He tweeted Monday: “How is more bitcoin mining power moving to the United States and the West a bad thing? IMO China cracking down on mining is a great development for BTC.”
Many people agree with Marcus, sharing their opinions on Twitter. Several of them agree that the move may seem bearish in the short term but is good for bitcoin in the long run.
