After Donald Trump announced his victory, Chinese blockchain lawyers Guoke and Uncle Silicon Valley went to the US for an exclusive interview with the veteran player in the Chinese cryptocurrency community, Bao Er Ye (Chandler Guo). Bao Er Ye stated that the Chinese market uses the USDT stablecoin to trade cryptocurrencies far more than the US, claiming that China is the largest mining base in the world. He predicted a bullish market for cryptocurrencies, believing that Trump is preparing to 'drive up' the price of Bitcoin.
Bao Er Ye said: 'I believe that after just two more halvings, Bitcoin will reach one million dollars each. I think the next halving will reach 500,000 dollars; how is this half million dollar calculated?'
He explained that retail investors have all been kicked out, and most retail investors had already handed over their chips when Bitcoin was at the bottom, at around 70,000-80,000 dollars.
Regarding the market trend after Trump's victory, Bao Er Ye pointed out: 'He (Trump) has many Bitcoin people around him, advising him and making plans. One of the most impressive things is that Trump wants the US to buy 1 million Bitcoins as a national strategic reserve. That's why Bitcoin recently broke through 75,000 dollars, because everyone thinks that if the US government really allocates a sum of money to buy Bitcoin, it will drive the price up.'
In addition, the cryptocurrency community is focusing on the possibility of a 'turnaround' in China's Bitcoin ban. Bao Er Ye responded by saying: 'China appears to have banned Bitcoin, but in reality, it hasn’t. Many people mistakenly believe that China is banning Bitcoin, but you need to look at the results. The result is that the entire Chinese cryptocurrency community has gone overseas to grow stronger and create brilliance again. The logic in China is to play the left light while turning right, leveraging strength against strength, while in fact, the mining sites are all in China. Even today, the number of practitioners in the Chinese cryptocurrency sector is astonishing, far exceeding that of the US. The number of Chinese traders holding USDT is also an astonishing figure, far surpassing that of the US.'
He emphasized: 'In fact, USDT is essentially driven by the Chinese; other countries do not have this level of demand.'
Looking back, China is the largest mining base in the world, with chip mining power cloud computing centers and the world's leading exchanges. The number of cryptocurrency traders is the highest in the world. The Chinese community worldwide is still the most enthusiastic about trading cryptocurrencies, far more than the number of traders in India.
'Will the policy change? Now it is not strictly regulated; everyone doesn't want to manage it, as everyone has interests involved. They can't manage it, and managing it wouldn't benefit them. Not just in China, but many wealthy people in sanctioned countries also live in the US and use Bitcoin.'
Returning to the description of Bitcoin, Bao Er Ye pointed out: 'It should have been when I was mining in Inner Mongolia that I discovered the beauty of Bitcoin. At that time, my electricity bill for mining Bitcoin was 5-6 million yuan each month. Every time I paid the electricity bill, I knew the cost of producing Bitcoin was high; I knew Bitcoin wasn't just air but something tangible, generated with real electricity. I haven't even counted the cost of the mining machines.'
The confirmation of faith in Bitcoin happened in Tibet. I built a mining site in a hydropower station that had been idle for years, where water would flow away without generating electricity due to a lack of storage equipment. I told their leadership that I could store the electricity and turn it into an energy currency for them. Later, the water passed through the generator, and in an instant, it turned into Bitcoin. This conversion of energy transformed one energy source into one Bitcoin, so I say Bitcoin is an energy currency; one Bitcoin represents how many tons of water and the electricity generated. At that moment, I knew Bitcoin had value.
'I know Bitcoin doesn't appear out of thin air, but is linked to energy. In the future, producing Bitcoin will become increasingly difficult, and the costs will rise, so Bitcoin will have price support,' he said.
