A candidate for U.S. Senate “Blake Masters” wishes to organize “Fort Nakamoto” (a systematic Bitcoin reserve), which would be linked to gold and Fort Knox, according to him. The step was triggered by the renewed crackdown started by China on crypto during the previous week leading to additional slumps throughout the market. Masters expects Fort Nakamoto to pose an opposing reaction to the progressive anti-crypto position of Beijing. Although the crypto landscape of the United States is not responsively envious of crypto, the regulators are consistently dodging the issue, such as rejecting to deliver regulatory clarity regarding the security definition.
Beijing, yet again, bans crypto
Last Friday, several Chinese agencies started their campaign contradicting Bitcoin as well as for cryptocurrencies via functioning together to prohibit such activities. It has been stated by Reuters that all of the ten agencies, firstly, have collaborated to take measures regarding the matter. It added that the agencies such as the central bank, securities-and-foreign-exchange-regulators took a pledge to function in association to obliterate illegitimate operations of crypto. Additionally, Sohu.com has published an article expressing no let-up regarding the matter. It is an internet firm having its headquarters in Beijing’s Sohu district in China. The platform reported the enforced closure of more than 10,000 miners of cryptocurrency existing inside Inner Mongolia after a tip-off.
The document made it clear that the consumption of electricity is keenly observed for the identification of suspected entities violating the ban over crypto, as it is considered by the government to be inevitable to minimize the environmental harm posed by the mining of cryptocurrency. Nowadays, Inner Mongolian authorities have seized up to 45 operations regarding crypto mining. The authorities state that electricity consumption of more than 6.58B Kilowatt-hours has been saved, which corresponds to the burning of up to 2M tons of coal.
Masters recommends a Bitcoin standard for the United States
As a response to the above-mentioned operations of the Chinese government against the BTC, Masters endorses that the United States requires reversing the course of action and boosting the adoption of cryptocurrency by initiating a federal reserve for Bitcoin. Pat-Toomey (a U.S. Senator) agrees with this opinion and categorizes this situation for the United States to benefit from. He noted in a tweet that the hostility of China towards virtual assets signifies that the government is not in favor of liberating the people to have economic freedom.