BitMEX co-founder Arthur Hayes believes that the U.S. government is not only hindering the development of the blockchain industry, but also creating conditions for its withdrawal to China.
Last fall, he urged China to relax its crypto policy.
In his opinion, once Beijing allows retail and corporate investors to enter bitcoin, the cryptocurrency will break new records.
He published an article on the BitMEX blog late last week in which he spoke out against the repression of the industry in the U.S.
American capitalists want to get into BTC, but they are hindered by the lack of regulatory legislation. So they are forced to look for workarounds, such as using intermediaries like Cumberland and NYDIG.
China is more flexible than the U.S., Arthur Hayes said. The Celestial Empire allows investors to enter the cryptosphere through platforms registered in Hong Kong.
This megalopolis is starting to accumulate large capitals, which has a positive effect on its financial development. The U.S. market, on the other hand, is losing appeal, and companies and funds are forced to leave it, said the co-founder of BitMEX.