China’s Bitcoin Ban Is The Unnoticed Geopolitical Event Of The Decade

It may be under appreciated just how badly the autocratic government of China blundered with bitcoin.

The political and economic sun has been rising in the East over the past century with China playing an increasingly important role in global geopolitics. Despite this trend, I have long been skeptical of China’s centralized and autocratic governance structure, and 2021 could be a monumental year, exposing the frailties of excessive control. If Bitcoin proves to be as important a technology as I think it is, then the CCP’s decision to ban bitcoin mining could prove to be the biggest geopolitical faux pas of the next decade. In summary, while decentralized Bitcoin has displayed its resilience to regulation, bans and decreased the probability of a 51% attack, centralized China may have handed a critical technology of the future to its peers.

U.S.–China Conflict Is Not Just A Donald Trump Phenomenon

The U.S. and China have been at loggerheads in recent years with flashpoints over controlling companies, tariffs and trade, Xinjiang, the Olympics, coronavirus origins, Hong Kong, spying, Huawei, Taiwan, the South China Sea, TikTok and WeChat, Tibet, and so on. Hopefully the world’s two largest nations do not end in a hot war, but they will likely remain in a cold war for many years to come as the U.S. withdraws from its position as global hegemon, China rises in the East and we jostle for a new world order. Despite all this conflict, the geopolitics of bitcoin mining has fallen under the U.S.-China radar.

Bitcoin Geopolitics — Who Cares?

Most people do not properly comprehend Bitcoin — let alone politicians and mainstream media outlets — so ignorance of Bitcoin geopolitics is unsurprising. But just like Bitcoin is growing in financial and economic importance, so will its geopolitical significance.

There

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Source: #Bitcoinmagazine
Source: thecryptocoinreport.com

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