Anthony Scaramucci, CEO and founder of SkyBridge Capital, spoke on the Squawk Box about the effects of China’s pressure on miners.
Scaramucci believes that China’s move will be beneficial in the long run, even if the developments have a negative impact on the value of Bitcoin (BTC).
A Positive Development
Although the decline of Bitcoin has worried some segments, Scaramucci looks at the issue from a positive angle. Scaramucci believes that the environmental problems created by Bitcoin are gradually disappearing thanks to this move by China.
Scaramucci also reminded that according to Michael Saylor, MicroStrategy CEO and president of the Bitcoin Mining Association, 56% of all BTC mining operations are conducted using green energy.