Michael Saylor is relatively new to Bitcoin. At the 2021 Bitcoin conference, he proclaimed to have started his crypto journey this year. However, in a little time, Saylor has been able to bloom into one of the biggest and most well-known Bitcoin maximalists. He not only holds a massive amount of beacon coin under his capacity, but a large chunk of Bitcoin reserves have been accumulated by his company MicroStrategy.
Over a few months, the business intelligence company has managed to create one of the largest Bitcoin HODL accounts under its wing. The recent decline of Bitcoin has been a huge topic of concern among all Bitcoin proponents, including Saylor. In a new statement, he claimed that China’s current decision to give up on Bitcoin and crypto could be a trillion-dollar mistake.
According to Saylor, Losing Bitcoin Miners is a Tragedy for Chinese Crypto Stakeholders
Michael Saylor was recently invited to speak at the Bloomberg Television. On account of his Bitcoin evangelism and advocacy, he has become synonymous with all things related to Bitcoin. According to his statements during the show, China has about 50% stakes in the Bitcoin industry. On the other hand, the beacon coin market has the potential to grow about 100% from year to year.
It should be noted that the government of China has shut down more than 90% of major Bitcoin mining farms in Sichuan province. As per Saylor, this is a Trillion dollar mistake that a country like China might be able to afford. However, it is a great growth opportunity for Western countries to cash in on. The migrating Chinese miners are looking for better locations, and this is high time to cater to their requirements.
The US States and Cities are Trying to Set up Refugee Camps and Safe Havens for Moving Chinese Miners
Francis Suarez, mayor of Miami, is currently working on producing and approving cheaper and greater electricity projects. He has issued several statements calling upon immigrating Chinese Bitcoin miners to pick Miami as their next destination. The sovereign jurisdictions outside of the United States are also taking a keen interest in the Bitcoin mining industry.
As per these western nations, there is a chance to increase their income by 50 to 70 percent by adding Chinese miners to their mix. After the latest shopping spree, MicroStrategy holds over 100,000 Bitcoin units. According to Saylor, his company has accumulated a lot of Bitcoin at the market value of $30,000. He further added that if a recent price decline had not occurred, his company would not have been hesitant to purchase at a higher price.