Bitcoin price has suffered a huge hit over recent weeks due to China’s crypto mining crackdown.
Elon Musk’s concerns over bitcoin’s energy use has also helped wipe more than $ 1 trillion from the market.
Michael Saylor, the chief executive of business intelligence software company-turned bitcoin accumulator Microstrategy, has warned this could be a “trillion-dollar” mistake.
He told Bloomberg: “I think, given the bitcoin growth rate, this will prove to be a trillion-dollar mistake for China.
“It’s a tragedy for Chinese miners [and] it’s a geopolitical mistake for China the country – but I suppose they could afford to make a trillion-dollar mistake.”
This post originally appeared on Daily Express :: Finance Feed