China warns Bitcoin is heading to zero

[FMCPAY_GLOBAL]

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)

[mk4]

Not gonna lie — they totally sucked at FUDding on this one. They could've probably used something that could convince the normies far easier such as the "quantum computing will break Bitcoin's security" or something like that.

[Despairo]

What you're expecting from the country that fully banned of crypto use and they will want to launch their own CBDC? They will create a FUD about their competitor e.g. Bitcoin to make all their citizens to stick with CBDC only, while it's just a same centralized fiat in different way payment and most importantly will lose the value due to inflation.

“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.”

They're view it on negative perspective, if you view it on the other perspective, it will be:

“In the future, once investors’ confidence buildup or when sovereign countries declare Bitcoin legal and accepted as legal tender, it will return to its original value, which is utterly valuable.”

[Lubcub62]

every year have gotten used to hearing this kind of fud. But strangely, the more fud, the more famous bitcoins become. So don't take it too seriously. just make it an annual entertainment. because many have said that about bitcoin.

[Don Pedro Dinero]

They have no credibility.

What they say is intended to stop people from buying, rather than being a disinterested description of the facts.

What you're expecting from the country that fully banned of crypto use and they will want to launch their own CBDC? They will create a FUD about their competitor e.g. Bitcoin to make all their citizens to stick with CBDC only, while it's just a same centralized fiat in different way payment and most importantly will lose the value due to inflation.

Exactly, they want to kill two birds with one stone. they want people to distrust bitcoin and trust their CBDC.

Anyone who is a little informed can clearly see the move.

[tranthidung]

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.

China ban crypto, many times. FUD or real you can verify with past events.

The Bitcoin network, its hashrate is decentralized from hashrate owners to mining farm locations geographically. It will be fine even all hashrates from China turn off. Recent years, total hashrate originates from China has less dominance on Bitcoin network than in the past. It is good for network decentralization, its health and it is good to prevent negative effects from China bans, floods and so on.

Again Bitcoin is named as a dead asset. How many times? More than 450 times so far. This figure will reach to 1000 soon.

• Bitcoin is not dead but it was called as dead 450+ times.

[stompix]

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.

I love it! I already know some will be foaming at the mouth but for China to say that Bitcoin and the Crypto market is a western creation and heavily influenced by the western market is music to my ears, the moment someone accuses a thing of being under the western influence is the moment you an know for sure they are scared shit of it. The sooner they cut every single forgotten thread linked to bitcoin the better, let them deal with their own non-leveraged not manipulated not Evergrande markets, and with their own advanced technology that made the leader of 5G communication unable to make a 5G phone.

Not gonna lie — they totally sucked at FUDding on this one. They could've probably used something that could convince the normies far easier such as the "quantum computing will break Bitcoin's security" or something like that.

It's not about throwing FUD at bitcoin, it's the usual CCP propaganda as the original was published in the official paper of the Central Committee, thias is like 10 times worse than Pravda, their aim was another jab at the US

The lack of regulation in Western countries, such as the United States, helped create a highly-leveraged market that is “full of manipulation and pseudo-technology concepts”. Tightening monetary policies in Western economies have led to a global sell-off of a range of risk-laden assets, including cryptocurrencies, while a growing number of crypto lending platforms, hedge funds and stablecoin issuers are now mired in financial distress, cryptocurrency trading and speculation severely endanger people’s “property security”, breed criminal activities and disrupt financial order.

The usual propaganda from back in the 80s, the corrupt western world is falling apart, the fact that they don't stand in queues for a loaf of bread shows how unhealthy, undisciplined they are and how they lack the moral duty of starving for the motherland  

[Kakmakr]

Why do they have to warn people, if they basically banned it? Is Bitcoin such a threat to their control over the Chinese citizens... that they have to resort to FUD to fool people? How desperate can a government be to lie to their own people....to manipulate them into believing that Bitcoin is bad?

I hope the majority of the Chinese citizens are not just sheep..... and that they can think for themselves. Even after the Chinese government "banned" Crypto mining.... almost nothing happened in the markets.

[_act_]

Chinese government like creating FUD, they banned bitcoin and cryptocurrencies, they ban bitcoin mining and cryptocurrencies mining. Bitcoin has been banned in China several times and yet they were unable to make some of their citizens not to use bitcoin again. Now, they are creating false news about bitcoin in a way to just desist their citizens ffrom buying bitcoin. This is bear market already, I hope people will not be foolish to listen to what Chinese government said about bitcoin because who buys now and hold for long will not lose but make profit.

[davis196]

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.

The best propaganda is when they mix truth with lies.
Let's be honest here, the crypto markets are full of manipulation, high leverage and pseudo-technology. The important thing is that Bitcoin isn't  connected to those accusations. We the Bitcoin maximalists cannot be blamed by anyone for the thousands of shitcoins, crypto scams, stablecoins, NFTs, HYIP scams, which are true "pseudo-technology". We never asked for this shit and putting the blame on us is simply wrong.
Yes, the Bitcoin price is volatile, but so what? Aren't stocks and commodity prices volatile as well?
Crypto traders are really making money by buying low and selling high. Is this a crime or something?
Aren't stocks and commodity traders also making money by buying low and selling high?

[bittraffic]

They still care about Bitcoin after they have ban it and drive away miners from the country.  

Why do they have to warn people, if they basically banned it? Is Bitcoin such a threat to their control over the Chinese citizens... that they have to resort to FUD to fool people? How desperate can a government be to lie to their own people....to manipulate them into believing that Bitcoin is bad?

I hope the majority of the Chinese citizens are not just sheep..... and that they can think for themselves. Even after the Chinese government "banned" Crypto mining.... almost nothing happened in the markets.

They care because it sound like they want the market to be not so volatile. They are dominating this market from the start of Bitcoin which miners are just in China's backyard, I think they are already regretting it. So it wouldn't really be surprising when they start accepting and allow miners again.

[worle1bm]

So once again this China nonsense is surrounding the market of which they want to take advantage of by spreading rumours and FUD of it going to zero so they themselves can attain more of it and gain profits.They have been anti bitcoin for so long but also holds it but it didn't affect much to bitcoin now while the prices are going down due to some other reasons.China just want to seek attention of the people by spilling out these talks and trying to manipulate the market but can't work.

[Reid]

It's China, what can you expect. Even that news might have been illegally sent out by someone just to leak it out. Whoever that is should be hanged.  
Or, they intentionally leaked it just to create chaos. They banned it and now they want to bring it down as deep as they can by creating this kind of FUD.
How far will they go? Luckily, not many countries/people like them, so this kind of attack will go directly to the garbage bin or much better they will go against it, buy more Bitcoin and take the demand to its highest level.

[btc78]

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.”

Thanks for Chinese government then? because with this news and FUD they might bring the price more lower? and with that i will be having my chance to buy more and more?  I will gladly thanks them for this  kind of gesture 

What good thing are we waiting from Chinese since the beginning? is there any good news they deliver year after year?

[Yaunfitda]

No surprises here, China has a lot and hate relationship towards bitcoin and they are hostile on BTC specially when we are in a bull run and I think they do it intentionally not just for the Chinese but for the world to hear their announcement or their official stand on it. But then again, we have seen that it has no effect whatsoever on the market, even if we are in a bearish cycle, we will remain resilience to this kind of attacks, not even China can bring bitcoin to 0, it's too big to fall now.

[tjtonmoy]

They kinda sound like 5 years old telling story to make themselves look cool!
Spreading this kinda shit won't make BTC fall. it has made a reputation for it's worth.

[btc_angela]

Ever since early 2018, when they halted a lot of Chinese crypto exchanges that made CZ move to somewhere else, they didn't stop their attacks on bitcoin, they've ban it, calling it illegal, and hiding from the reasoning that it is being used by criminals and it could create economic stability. So are we surprise by this statement? No, and I'm sure majority of us are not going to be affected. On the contrary, this might push bitcoin a little, for all we know.

[avikz]

It's hilarious! Everyone knows that the official media of China is a puppet of the government and their only job is to spread government propaganda. By now, it's clear to everyone that China doesn't like cryptocurrencies. Because any authoritarian government believes that crypto can give their citizens a power to disregard traditional finances. They have seen it during Hong Kong riots where a lot of people transitioned from fiat to crypto because the government was freezing their bank accounts. China has also drive the miners out of their country sometimes back. So it's pretty evident that China government doesn't like cryptos.

So the news is not a surprise or should not be a surprise to anyone. Let the official media spread the government's agenda while we score more bitcoins for a better future! That's the game! 

[Baofeng]

It's hilarious! Everyone knows that the official media of China is a puppet of the government and their only job is to spread government propaganda. By now, it's clear to everyone that China doesn't like cryptocurrencies. Because any authoritarian government believes that crypto can give their citizens a power to disregard traditional finances. They have seen it during Hong Kong riots where a lot of people transitioned from fiat to crypto because the government was freezing their bank accounts. China has also drive the miners out of their country sometimes back. So it's pretty evident that China government doesn't like cryptos.

Yeah, and add to that, with the looming financial crisis around the globe, they don't want to experience "capital flight". Because they know that their citizens can used bitcoin to hide their wealth and move it somewhere else without them having knowledge.

They ban bitcoin mining causing a massive exodus of Chinese miners outside and then make mining not a monopoly of Chinese anymore, so this is the good effect of them driving them out of business or pushing them outside.

[darkangel11]

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper.

So is the official website of the Chinese government, the database of Chinese Central bank, the domains that they use for their sites and many more.
Even your phone number is a string of code, but you pay to get that number assigned to your name. You pay to use many different types of code every day. If you have cable tv, it comes in the form of a digital code. Your VOD subscription is a digital code. Codecs that allow you to listen to compressed music and watch videos are just code.

The Chinese government makes no sense here.