Electric Capital's co-founder implies lawmakers are the reason for Bitcoin's global reach
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Electric Capital's co-founder implies lawmakers are the reason for Bitcoin's global reach

Bethel Brill
Bethel Brill

Electric Capital’s partner and co-founder Curtis Spencer while speaking at a summit today subtly implied that Bitcoin and altcoins owe their existence solely to the goodwill and grace of various world governments.

At the Coalition Web Summit, Spencer affirmed that lawmakers are the sole reason for the unprecedented growth of Bitcoin as they've held back from imposing austere restrictions on mining activities in various parts of their countries.

Speaking on “Investing in Cryptocurrencies in 2021”, the co-founder alongside distinguished panel members in a bid to answer the decade-long question; can Bitcoin be stopped? firmly stated he believes it could be. Going further, the management executive disclosed that all governments need to do is attack mining operations.

Citing the recent event in the Xinjiang area of China where an unexpected power outage dropped hashrate from about 172 million to 154 million in seconds, Spencer affirmed that shutting down power in certain parts of the world will subsequently lead to the death of Bitcoin and most cryptocurrencies.

With West African country Nigeria already regulating Bitcoin transactions and India fast-tracking a bill to ban this crypto asset, experts fear this statement may push governments to go all out against these virtual currencies.