The head of Galaxy Digital called the departure of miners from China "a big positive"

Mike Novogratz noted that Bitcoin continues to exist despite the severe restrictions imposedby the Chinese authorities.

Founder and CEO of Galaxy DigitalMike Novogratz in an interview with Bloomberg called the departure of miners from China a positive development for cryptocurrencies. Novogratz drew attention to the fact that tough bans on digital assets in China have failed to destroy Bitcoin. The migration of miners from China is "a big positive in the bottom line for the bitcoin ecosystem," Novogratz noted.

Also, the CEO of Galaxy Digital called the maincryptocurrency "digital gold". According to him, gold has existed for more than 3 thousand years, and the next 3 thousand years, its digital version will be bitcoin. Novogratz also spoke about Ethereum, predicting that altcoin could become the first cryptocurrency in terms of capitalization in the future.

Miners began to leave the PRC after the call of localauthorities to tighten the mining of cryptocurrencies and trade in digital assets. After that, four Chinese provinces imposed a complete ban on mining, and Chinese banks and other financial institutions were banned from conducting operations related to cryptocurrency.

This led to the fact that in June more than 70%enterprises for the extraction of cryptocurrencies turned off the equipment. The work was also stopped by the largest manufacturer of mining equipment - Bitmain. In June, the revenue of Bitcoin and Ethereum miners decreased by 42% and 53%, respectively, compared to May.

Galaxy Digital is a digital management companyassets founded by Mike Novogratz in 2018 after leaving Goldman Sachs. Galaxy Digital has been listed on the Toronto Stock Exchange on July 6, 2020.

</p></p>