Is America Becoming the New Leader in Crypto Currency?

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As China blocked all bitcoin mining and has declared a crackdown on its use, the United States is quite possibly becoming the leader for the future of cryptocurrency. With the recent changes in the global economy, markets are experiencing drastic and sudden change. But this news shouldn’t deter investors from seeking financial freedom here, as our nation is swiftly taking the lead in standing up for cryptocurrency. China has been the leader in the mining of bitcoin specifically, but now that they are deciding to stop its operations in the field many other nations are stepping up to take its place as China leaves itself behind in the market. 

As of April of this year, the United States accounts for 17% of all of the world’s bitcoin miners. This is a 151% increase from September of 2020, forecasting that no matter what the markets currently show, bitcoin and other cryptocurrencies are here to stay for the sake of continued financial freedom. Since these numbers do not include the Chinese mass exodus from the marketplace, the numbers could potentially be even much higher than that. 

Darin Feinstein, founder of Blockcap and Core Scientific, says, “For the last 18 months, we’ve had a serious growth of mining infrastructure in the U.S. We’ve noticed a massive uptick in mining operations looking to relocate to North America, mostly in the U.S.” 

Fred Thiel of Marathon Digital says, “500,000 formerly Chinese miner rigs are looking for homes in the U.S. If they are deployed, it would mean North America would have closer to 40% of global hashrate by the end of 2022.” 

The United States has been in the background preparing for such an event as this Chinese exodus to occur. We have been silently building up our infrastructure and hosting capability in expectation that we would see a future where more mining operations would desire to come and operate within our nation. Since the bitcoin fall in late 2017, investors took the risk and have been investing to prepare for the changes to come. 

Due to the Covid 19 pandemic and the recent changes with China, bitcoin mining engineer Brandon Arvanaghi said, “People were looking for places to park their cash. The appetite for large-scale investments had never been bigger. A lot of that likely found its way into bitcoin mining operations in places outside of China.” 

All of this happening together helped plant the financial seeds for a blossoming future for bitcoin miners, investors and cryptocurrency. We’re still in a transitional phase, where the global market is seeing the effects of China dropping out, but confidence remains high for those who believe in the power and freedom of cryptocurrency. But as said in a previous article I wrote, there is a time to buy and a time to sell. With the market today and with a bit of patience in mind, this could quite possibly be a wonderful time to buy. 

As of today, bitcoin prices are below 30,000. Still remember, at the end of last year, bitcoin was still under 25,000. Earlier this year in April before the decision from China to change, bitcoin hit an all-time high of well over 60,000. With prices this low, you may think that the market is crashing or that the idea is falling apart, but you may also be proven entirely wrong by that assessment. Now may actually be another one of the best times to buy into the market with prices so low and the infrastructure established for the United States to continue further growth. China leaving the market may ultimately be wonderful news for those who appreciate and love the power of free market capitalism. 

Of course, fear mongering in the marketplace currently continues to spread for the moment. Fox News has been spouting the ‘scary’ news of 100 billion wiped off the crypto market recently. This short-term thinking is miniscule compared to its future potential, and Fox is again playing the heartstrings of the moment for fast clicks of immediate concern. Yahoo! Finance had a recent headline reading, “Crypto Traders Loved Big Leveraged Bets Until Inexplicable Crash”, further touching on those fears. Even one of the co-founders of the cryptocurrency Ethereum has been out in the news speaking of being “done” with cryptocurrency due to his own fears of financial “safety”. 

The co-founder, Anthony Di lorio, says, “It’s got a risk profile that I am not too enthused about. I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer.” 

Playing it safe never wins in the game of life. You’ve got to take calculated risks and make bold investments in time and money to find success in the modern world. For investors, I would say to assess the market and see how China’s decision will not be the end of cryptocurrency. Just as one nation, even if it was the leading mining operation, chooses to leave the market, that does not stop the rest of the world from continuing to pursue those efforts and establishing a better future for the entire cryptocurrency market. From the looks of things now, it seems as if the United States has already taken the proper preparations for an event just like this to occur. Not only that, but we’re far from the only nation to take action in the face of modern events here. Again, instead of being afraid and leaving the market, maybe you should pay attention to the possibility that the future holds and make an investment today while the market is so low. You never know, it may never be this low again.

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A Time to Buy & A Time to Sell: Fearless Investing in Crypto

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When making investments in global markets, there always comes a time to buy and a time to sell. When it comes to cryptocurrencies, this is no different than making investments into any other market on the world stage. Values go up and values go down, and this is just the game we choose to play as investors. Knowledge is power here, and the more you know, the more you have the potential to grow or decline with the times. Playing it safe by merely only working for each dollar you generate will oftentimes not in itself create true wealth. This can also lead to missed opportunities as the market responds and changes to the daily economic occurrences all around us. You must be willing to take risks and be ready with an open mind towards the world of today, not merely just seeking new opportunities for work, but also consistently seeking information on new opportunities to invest. The key here is becoming fearless in your investment, and to become willing to make intelligently informed decisions as to how you move your money around global markets. 

When looking at cryptocurrency today, many are making the argument that the good days are over and the chance for economic growth here is in the past. As a prospective investor myself, I am not so sure that is the case today even despite the current news of the moment. Looking through the news of now, you may choose to believe that a crash is about to happen. Headlines across the globe have turned on cryptocurrencies as China itself has made the decision to shut down 90% of its Bitcoin. mining. This is a crackdown on the financial freedom of the people within China by the Chinese Communist Party. The CCP is mandating that its banks restrict financial services to anyone trying to make an exchange through crypto in efforts to support its own future of a digital yuan. China was formerly an early adopter of Bitcoin., but as the people empower themselves on the world stage through the currencies, China has switched its viewpoint to see it as a threat to the CCP’s power structure. While the digital yuan is a centralized, surveilled currency, most of the cryptocurrencies remain free and open on the world stage. This financial freedom is a threat to anyone seeking financial control over their people. The key to understanding here is that, despite China’s own backing out for the moment, this still leaves most of the entirety of the rest of the world stage open with the freedom to still make investment in whatever cryptocurrency that they choose. This decision by China may end up resulting in China being left behind in the marketplace, despite the momentary fears it produces for investors. 

Headlines of today continue to read of fear mongering from everything from ‘Dogecoin Falls 70% Since Musk on SNL’ to ‘Bitcoin turns Negative for Year’ experience the ‘Death Cross’. I’ve heard the same rhetoric and phrases being used about the stock market entirely since the ‘crash’ in 2008. But looking at the time since 2008, what else happened? Especially during the times of the Trump presidency, the economy experienced a boom unlike anything ever seen before created by production, confidence and investment. Of course, there will always be fear mongering and there will always be the potential for crashes, but with every crash there also comes again a time to rise. Successful investors with fearless intuition know this. There is no patience for impatience here, and each investor must pay attention to the markets to know when the best times to buy and the best times to sell are. 

When the Democratic media and China begin fear mongering, it is a good time for free market capitalists to step up and pay close attention to what is happening on the world stage. The mere idea of them spouting these fears should send off a signal that opportunity is on the horizon. 

Remember too, that countries and people around the world are accepting cryptocurrencies into their culture. Most recently, El Salvador has accepted Bitcoin as legal tender. Coinbase, the cryptocurrency exchange, has itself just been accepted onto the stock market exchanges as a company itself. The NRCC, or National Republican Congressional Committee recently declared that it will be directly accepting cryptocurrencies through Bitpay exchanges. The Netherlands, Estonia, Denmark, South Korea, Slovenia and Singapore all are countries that are integrating Bitcoin and other cryptocurrencies into their everyday culture with rapid growth expected. Across the United States and Canada, Bitcoin ATMs can be found and people across the nations are making investments into the virtual currency landscape. Japan was the first country to accept Bitcoin as legal tender and has become a leader in what a nation can look like when adopting crypto into everyday modern culture successfully. All exchanges are being recognized and respected by governments in these areas. 

Remember, cryptocurrency is all about financial freedom and independence from centralized banks. Not every cryptocurrency will survive and thrive, but every cryptocurrency still has massive potential for growth here depending on the confidence and investments into which for the days to come ahead. Recently up to and as of today, cryptocurrencies like Bitcoin and Dogecoin have fallen from previous highs earlier this year. As of the writing of this article, Bitcoin is about 34,000 dollars in value. At its highest point this year, Bitcoin was at nearly 64,000 dollars back in April. This may seem like a sharp decline, but it is important to keep in mind that only a few months before that time it was valued around the 20,000 mark. These are individual days in the marketplace, and no decline decides the future potential. Like every other market, prices go up and prices go down. There is a time to sell and a time to buy. Looking at the world stage as a fearless investor, maybe, with all this news of today, it is just the right time to make an investment. 

In the words of Ziad K. Abdelnour, “the harder your money works for you, the less you’ll have to work for money.” If the problem here is modern media fear mongering people into being afraid to invest in cryptocurrencies, the solution is for investors who believe in its potential to continue learning and investing, especially as prices fall and new opportunities arise. Fearless investing and having the willpower to jump in and take a risk is the way entrepreneurs become wealth generators in the modern world. Here’s to self-education and self-empowerment with fearlessness in investment as a free market capitalist in the world economy. Cheers to all. 

Resources: 

  • Top 10 Bitcoin and Crypto Friendly Countries in the World 
  • Bitcoin Price Drops on China Crypto-Mining Crackdown 
  • Coindesk: Bitcoin Prices 
  • GOP House Campaign Accepts Cryptocurrencies 
  • El SalvadorBecomes First Country to Adopt Bitcoin as Legal Tender
  • DogeCoin Price
  • Bitcoin Forms Death Cross Selloff
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