Spencer: Bitcoin Owe Its Existence To The States

Curtis Spencer, co-founder of Electric Capital, said, "Bitcoin may owe its existence to the states."

Speaking at a panel at the Collision web summit recently, Spencer stated that lawmakers are giving Bitcoin (BTC) a chance to grow by not imposing stricter restrictions on mining operations in their own countries. Asking, "Can Bitcoin really be stopped by the government?" Spencer said: "Actually, I think it could happen. If you consider the cost of attacking the network, that is not something nation states cannot do." Spencer continued his words as follows: "Look at what happened in Xinjang. You can actually shut down the Bitcoin mining network pretty quickly, especially if the US stops all US miners, if Kazakhstan stops all miners there, it closes almost 80-90% of that hash rate pretty quickly. I think the fact that Bitcoin is still here means that governments are supportive. " Spencer points to recent events in China's Xinjiang region, which represents about 25 percent of Bitcoin's global hash rate. Crypto market analyst Willy Woo also said that he thought BTC dropped to $ 50,000 over the weekend was a result of the blackout in the region. It has been announced that power outages have been initiated to facilitate security checks in the region, which means that nothing is preventing the Chinese government from deliberately lowering the hash rate if it wishes. Although the regulatory authority in the US appears to be a supporter of crypto miners, some farms in Texas were forced to restrict operations during a major winter storm this year.     Source: KoinFinans