Commodities

25
Jun

China’s Bitcoin Meddling Reinforces Gold’s Value

As they say, a chain is only as strong as its weakest link, and right now Bitcoin’s weakest link is China. About 65% of the world’s Bitcoin mining took place in China as of April 2020, according to an estimate by the University of Cambridge.

Given China’s dominance of Bitcoin mining and therefore its critical role in the stability of the Bitcoin network, the country has presented an enormous concentration risk that has been widely neglected by both crypto speculators and the media – until now.