The bitcoin price has continued to fall
on Tuesday extending losses all the way down to levels not seen since January retracing below 30 000 for the first time since the start of the year we're speaking with seifdeanamus author of the bitcoin standard and now his new book the fiat standard and an independent educator at sifting.com almost welcome back to the show thank you very much for having me safety we're going to talk about all things bitcoin in and i want to talk about of course your new book the fiat standard and what uh readers can learn and expect to learn from you but first let's talk about recent news. China as you know has been cracking down
on bitcoin transactions essentially making over-the-counter transactions almost illegal and of course that has brought the price down to uh multi-month lows what do you make of this news is this a concern for investors or should people just shrug it off well it's a little bit difficult to say so early because it's uh we we've had plenty of these uh false alarms before particularly from China where you know we hear news that says things along the line of this is going to be bitcoin's going to be criminalized and then um a few months later you hear it happening again and again and again. Which shows that it hasn't really been
quite effective at achieving its goals it seems like this time is a little bit more serious you know we've we've had many China bands before it is a joke uh among Bitcoiners that yeah china bans bitcoin it's banned bitcoin 50 times at least so far um and every time it turns out that you know maybe either they go back on the decision or that it wasn't really a ban it was a ban of a particular operator or a ban in a particular regionbut it looks like this time umit seems to be much more serious and we can see it in terms of the hash rate declining so a lot of miners seem to in fact be going offline and also we can see it in terms of the price and i think it makes sense that if this would happen we would witness a decline in the price because you know these miners were essentially handled a very massive business uh shock where you know their business have to stop operating in china and they need to find a place so they need to find somewhere else in the world where they can relocate so that's a huge um. New expenditure that they need to come
up with and uh basically you know if you're a bitcoin miner you're in that business most likely because you have high conviction in bitcoin and you want to hold bitcoin so when you are subject to a crisis like this that creates problems for your uh operation you know the thing that you will have to sell is most likely going to be bitcoin because you have a lot of bitcoin
0 Comments