The Chinese government seems to want to take full advantage of the current state of the crypto market to discourage Chinese citizens from dealing with cryptocurrencies as bitcoin (BTC)† Official state media in China report that bitcoin is most likely on its way to $0.

china and bitcoin

According to the Economic Daily state news whose full control rests with the Chinese government, bitcoin should soon be a thing of the past. The state newspaper warns readers against a possible investment and states that bitcoin will most likely return to $0.

In addition, the platform blames the West for the current state of the crypto market. According to them, the crypto industry is heavy surrendered and it is full of manipulation and ‘pseudo-technology’. How exactly this should be the fault of the West is unknown.

“Bitcoin is nothing more than a string of digital codes, and returns come mainly from buying low and selling high. In the future, once investor confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is completely worthless.”

China launched a total ban on the almost a year ago mine of bitcoin and trading in crypto was also banned by the Chinese government. As a result, many crypto exchanges in China were forced to close their doors and ban Chinese users.

Bank of England

England’s central bank, the Bank of England (BoE), takes a very different stance. This central bank was also not always positive about the crypto industry in the past, but they now state that they see the potential for some crypto coins to create great wealth in the near future. A CEO at the BoE had this to say to Bloomberg

“Whatever happens to crypto assets in the coming months, I expect crypto technology and financing to continue. It has the potential for huge efficiencies and changes in the market structure.”

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