- Chinese authorities issued another message criticizing bitcoin
- They believe that the crypto winter will completely destroy cryptocurrencies
- However, China is still the second largest miner in the world.
It looks like we are seeing another sign that the crypto winter is over. The Chinese Communist Party has warned that the current decline in cryptocurrencies could lead to the complete destruction of Bitcoin. They wrote about this in their controlled newspaper South China Morning Post.
Journalists believe that the current downturn in the crypto market will make people finally realize that bitcoin has no real value. This will lead to a loss of investor confidence in the BTC and its end.
“Bitcoin is just a set of digital codes and its revenues are mainly created by buying at low prices and selling at higher prices. […] In the future, when investor confidence falls or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is zero.”
China has been known for many years for its negative attitude towards military-technical cooperation and all cryptocurrencies. But they make such statements officially, but in practice they continue to use digital assets. Last summer, the Celestial Empire introduced a complete ban on mining. In fact, they still remain the second largest (after the US) mining force. We will observe how the latest statements will affect the market situation.
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