A U.S. Trade War With China Might Affect Bitcoin Miners

BitsPlan

President-elect Donald Trump often decried how China sucked jobs out of the U.S. and he offered up the solution of prosecuting trade cases against China for its “unfair subsidy behavior” and currency manipulation. He suggested tariffs as high as 45 percent on its exports.

“We can’t continue to allow China to rape our country, and that’s what they’re doing,” he told supporters in May.

“We have the power over China, economic power, and people don’t understand it,” Trump also said during the campaign.

If Trump pursues a such path, then China would fight back – it’s even said so itself. It would move China closer to a regional ally, Russia. Russia’s anti-Bitcoin stance could spread to China’s leaders, who could crack down on China’s Bitcoin miners (70% of Bitcoin transactions go through four Bitcoin miner pools) and currency traders, as it has already pledged to do earlier this month.

A Russian lawmaker put forth the notion in 2015 that Bitcoin is part of a US plot to undermine Russia. “All these cryptocurrencies [were] created by

Read more ... source: TheBitcoinNews

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