Bitcoin’s price goes up once regulatory setbacks are digested by the crypto community, Zap Procotol co-founder Nick Spanos says.
China’s crackdown on Bitcoin (BTC) mining continues to face determined responses across the crypto ecosystem. One of the first BTC exchange operators and co-founder of Zap Protocol, Nick Spanos, said that the crackdown only proves Bitcoin is an unstoppable machine “if the world’s second-biggest economy can’t crush, devalue and manipulate Bitcoin.”
Noting that the crackdown is increasing scarcity due to there being fewer miners relative to the transaction volume, Spanos underscored the increase in miners’ profits while the mining difficulty continues to decrease. He explained:
Bitcoin’s algorithm adjusts roughly every two weeks to allow one block of transactions to be mined every 10 minutes. So, it’s become both easier and more profitable to mine Bitcoin. That’s a recipe for enticing more miners back in.”