The official Chinese mainstream media cautions readers that the Price of bitcoin may eventually reach zero to scare people away from buying in or utilizing Bitcoin and other cryptocurrencies.
In light of the recent market turmoil, the Chinese authorities have profited by sending out a message to Bitcoin (BTC) investors that perhaps the cryptocurrency’s price is “going to zero.”
On Wednesday, the South China Morning Paper reported that the Economic Daily, a state-run Chinese news outlet, had published an editorial discouraging the public from using the largest crypto by market valuation.
China Issues A Warning
According to the Economic Daily, a “major external element” contributing to Bitcoin’s instability is the west’s role in fostering an overleveraged market “full of deception and pseudo-technology conceptions.”
Bitcoin, according to the study, is “little more than a sequence of digital codes,” and “its rewards essentially come from purchasing cheap and selling high.”
Bitcoin will revert to its intrinsically worthless state in the future, after investor confidence drops or when sovereign governments proclaim it unlawful.
In July, China’s authorities issued a ban on Mining bitcoin and announced ambitious plans to roll out the electronic China yuan (e-CNY), the country’s central bank digital currency. It notoriously forbade international crypto exchanges from functioning within the nation in 2018 and made all digital currencies illegal in September of last year.
It is not just China’s government that has an opinion on where Bitcoin’s value is headed.
Since Bitcoin has dropped by more than half from its November top of $69,000, Tom DeMark, CEO, and founder of marketing research firm DeMark Analytics told Marketwatch on Monday that he thinks the cryptocurrency market is in store for extended price drops.