China banning crypto transactions ‘great news for bitcoin’: Investment firm CEO

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Bitcoin (BTC-USD) may actually benefit from China’s recent decision to ban all cryptocurrency transactions, according to Ross Gerber, Gerber Kawasaki Wealth & Investment Management CEO.“This is great news for bitcoin,” Gerber said. “The last thing we want is China [to be] involved in a currency of the world.”The price of bitcoin fell as much as 6% after China announced the decision Friday morning. The world’s most populous country is responsible for much of bitcoin’s mining activity, according to a University of Cambridge study.“The real issue is about control, and what governments don’t like is [that] bitcoin takes control of people’s monetary futures away from governments and [places it] in the hands of individuals,” Gerber said. “And that’s exactly what’s happening... globally, right now.”Contentious relationshipIn recent history, China has had a contentious relationship with cryptocurrencies and other new financial technologies. In 2017, a
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