Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.
The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin prices are “heading to zero.”
The South China Morning Post reported on June 22 that Chinese national news media agency Economic Daily had issued the warning about the largest cryptocurrency by market cap to further dissuade citizens from adopting the use of crypto.
The Economic Daily report says the west is to blame for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts” which it said was an “important external factor” which contributes to Bitcoin’s volatility.
“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper.
As of the time of writing, BTC is trading at $20,386, 71% down from its high and 0.7% down over the past 24 hours according to CoinGecko.
(source: Cointelegraph)Personally, I am dismayed by this news. On the one hand, I understand that no one has canceled the manipulation in the crypto market, and this kind of news can be FUD to force weak hands to dump Bitcoin now. But on the other hand, seeing what kind of events are happening now in the world, I begin to believe in such news. To be honest, the situation is really difficult, because every day you have to make a difficult choice, sell or buy or hold? However, I still hope that even if the price of BTC goes even lower, it will not be able to reach zero and after that it will definitely go up. But maybe I just want to, but time will tell how it will actually be.
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