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Bitcoin Investors Not Flinching Yet & George Soros Enters the Crypto Arena w/ Dylan LeClair
Jul 5, 2021
Discussion on the impact of China banning Bitcoin mining, average entry points for long-term investors, and George Soros entering the crypto market. Also, speculation on Bitcoin's future, market stability, and potential strategies. Plus, insights on a prominent figure joining the crypto arena and updates on Bitcoin's price stability with a mention of a famous hot dog eating contest.
31:06
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Quick takeaways
- China's Bitcoin mining ban caused network stress, North American miners gaining share, highlighting recovery dependence on hash rate return.
- Long-term Bitcoin holders show strong conviction despite underwater entry points, stability crucial to influencing sentiment and avoiding panic selling.
Deep dives
Impact of China's Bitcoin Mining Crackdown on Hash Rate and Difficulty Adjustment
China's crackdown on Bitcoin mining led to a significant drop in hash rate, resulting in multiple negative difficulty adjustments, including the largest in Bitcoin history at -28%. This disruption caused stress on the network, with blocks coming in slowly and mining facilities relocating globally. As miners in North America gained market share, the price's stability and recovery are closely tied to the return of hash rate over the next 6-9 months.
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