China Warned BTC Will Head To Zero In Value: Report PlatoBlockchain Data Intelligence. Vertical Search. Ai.

China Warned BTC Will Head To Zero In Value: Report

Time Stamp: June 23, 2022 11:53 AM

China warned BTC Will head to zero in value while trying to dissuade them from investing and using crypto as we can see more today in our latest Bitcoin news.

The Chinese national news media outlet warned the readers that Bitcoin will go to zero value hoping that it will dissuade them from investing and using crypto. The government capitalized on the violent downturn in the market by warning the investors that BTC prices are going to crash to zero. The South China Morning Post reported that the Chinese national news media agency Economic Daily issued a warning about the cryptocurrency to further dissuade the citizens from adopting the use of crypto.

The reports said the west is to blame for creating a highly leveraged market that is full of manipulation and pseudo-technology concepts that were an important external factor that will contribute to the BTC volatility:

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

China warned BTC will head to zero as the Government banned BTC mining last July and has grand plans to launch the central bank digital currency which is called the digital Chinese yuan nationwide. It banned the crypto transactions and banned foreign crypto exchanges from operating in the country in 2018. The Chinese Government is not the only one that weighted in with the predictions about where they see the BTC price crashing. On Monday, the founder and CEO of DeMark analytics Tom De Mark said that the market is in line for a prolonged price reduction because BTC dropped below 50% from the peak of $69,000:

“Such breakdowns bespeak a high probability that recovery to the all-time Bitcoin highs will require many years, if not decades, to accomplish.”

Chinese Digital Collectible, platforms, government, crypto

There’s a chance for it to bounce back in the $40,000 range in the next few months, saying:

“This does not negate the prospect of up to 50-56% recovery over upcoming months which implies bitcoin rally back to $40,000-$45,000.”

Contrary to the Beijing warnings, the Bank of England started seeing an upside potential for building wealth in the crypto space in the bear market. The Deputy Governor for the BOE Jon Cunliffe said that the crypto companies that manage to stay afloat during the market downturn can be the dominant players in the industry when the things change:

“Whatever happens over the next few months to crypto-assets, I expect crypto technology and finance to continue. It has the possibility of huge efficiencies and changes in market structure.”

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