China media is sounding alarm bells, warning investors to stay away from cryptocurrency in general, Bitcoin in particular, as they predict that cryptocurrency has seen its heyday and is now on the fast track to becoming worthless. Maybe I’d want to say something snooty about China’s ban failing to send Bitcoin to zero or preventing nationals from trading in crypto.
CBDC failed to match the success of a SelfMoon project, much less Bitcoin- no shade to the meme coin. On June 22nd, reporter Xinmei Shen published an article in the South China Morning Post, citing the Chinese national news media agency Economic Daily’s Bitcoin warning.
The Economic Daily reportedly dismissed Bitcoin as “nothing more than a string of digital codes” where “returns mainly come from buying low and selling high.”
The paper warned, “In the future, once investor confidence collapses or when sovereign countries declare bitcoin illegal, it will return to its original value, which is utterly worthless.”
Additionally, the paper argued that this state of affairs in the West contributed to Bitcoin volatility. Meanwhile, the Financial Regulatory Bureau of Shenzhen issued a statement on Tuesday, June 21st, warning against illegal crypto trading, arguing that it endangered property security.
A Bloomberg article published June 22nd, quoting the Bank of England Deputy Governor Jon Cunliffe: Crypto Crash survivors Could become Tomorrow’s Amazons, says it all.