Bitcoin Mining Industry in the US Could Benefit from the Recent China Ban: Florida Mayor

30 September 2021 | Updated: 30 September 2021

The Mayor of Miami, Florida—Francis Suarez—believes that the crackdown on Bitcoin (BTC) and cryptocurrency by the Chinese government is a significant opportunity for the American market to take advantage of.

The mayor, who currently works on building his city into a Bitcoin hub, told Bloomberg that:

“The turning point is now. It creates an incredible opportunity for America.”

Mayor Suarez added that: “China banning bitcoin is a massive mistake with impacts that will be felt for generations. Their loss is our gain, and America can and will lead the future by providing a clean power home for bitcoin miners and all who are building on/with/for bitcoin.”

Some other US government officials also see the recent action by the Chinese government as an opportunity for the US. Senator Pat Toomey recently noted that: “China’s authoritarian crackdown on crypto, including bitcoin, is a big opportunity for the US. It’s also a reminder of our huge structural advantage over China.” Meanwhile, Congressman Patrick McHenry stated that: “China’s decision to restrict access presents a perfect opportunity for American leadership on cryptocurrency.”

The mayor announced earlier this week that there are ongoing talks to attract crypto miners to South Florida, including incentives like clean energy options.

Key Bitcoin Levels to Watch — September 30

BTC appears to have built a mild bullish momentum as the primary cryptocurrency reattempts the $44,000 line. BTC traded within a ‘flat wedge’ for the past seven days, highlighting the prevailing directionless bias.

BTCUSD – 4-Hour Chart

That said, the sideways bias could well become a bullish one if the flagship cryptocurrency re-emerges above the $44,000 level today amid the upcoming vote on the US Infrastructure Bill. We expect a bullish continuation in the coming hours towards the $46,000 area or our 200 SMA.

Meanwhile, our resistance levels are at $44,000, $44,400, and $45,000, and our key support levels are at $43,000, $42,000, and $41,000.

Total Market Capitalization: $1.91 trillion

Bitcoin Market Capitalization: $817 billion

Bitcoin Dominance: 42.7%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.