China warns Bitcoin is heading to zero

[NotATether]

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.

In other news, old man yells at cloud.

No seriously, this is old news. How many people have been lecturing us these past few days just on this board that our BTC is going to be worthless? :-/

[DerekFlips]

Can it really go down to 0? It doesnt seem quite likely to happen.

Even if it went down below couple of Gs people would be buying the hell out of it and would make it go up again.

[Leviathan.007]

That's not really surprising to see this news from China in this situation when the market is bearish and the price is falling to lower levels, since they want to spread the fud news about bitcoin they say bitcoin is going to die the price to going to down to 0 while to the people who know bitcoin and those who are not new in this market this situation is not new at all, in the end, I was not expecting more from a country where they are always trying to attack bitcoin.

[Lucius]

Just when you think we got rid of China, the OP shitposter that was supposed to be banned for plagiarism serves us one worn-out story that should have some effect on what exactly? If the Chinese Communist Party and all their political comrades around the world think that Bitcoin is worth nothing or that it will be worth zero in time, that is their opinion, and let them sell it to their people - why should we bother with that?

The time when China had an impact on the price of Bitcoin is over, in vain the attempts of various internet trolls who spread this kind of news around👎

[buwaytress]

Wonder how much secret BTC CCP's got stashed up

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.

Yeah, missed opportunities, really. Bitcoin will run out in a few decades and miners will desperately melt the polar ice caps and everyone die in a great big flood. I know it's crazy sounding but that would strike fear. Using "a few lines of code" actually impresses Gen A Chinese.

I've actually seen altcoin marketing using these FUD items as a buying motivation cause shitcoin's not Bitcoin, therefore it's good!

[ultrloa]

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)

So what can we expect to them? They are totally blocking bitcoin on their country so expect that they will spit some bad words against it. And can you see what happen on bitcoin even if China government ban this? Bitcoin still standing strong and their calls somehow didn't take effect because there are still chinese guys use crypto.

[cheezcarls]

Nice try China, but your FUDding tactics won’t work on us anymore! Thinking that they could influence the entire world. Been there done that, we’ve already weathered the storm many times. Bitcoin always bounce back stronger no matter how many times China try to take Bitcoin down. In fact, China’s latest news about Bitcoin is a sign that BTC will start a bull run again!!!

[Gyfts]

Something odd about the Communist Chinese Party convincing everybody that Bitcoin is heading to zero while their economy is hemorrhaging from COVID lockdowns and supply chain issues. For a country that censors the internet and drags people away in chains for criticizing the government, I would see why the disinformation campaign would need to be ramped up in a time of economic uncertainty.

Unfortunately for the CCP, people are not stupid.

I laugh at these hysterical statements. They don't even put in any effort.

[traderethereum]

If so, let it be and we will see what will happen with the crypto market.
Bitcoin has been tested many times with drastic price drops; this time, bitcoin is experiencing it again.
But I think people still believe that bitcoin will rise again after this.
It's only natural that China thinks like that to influence people's minds, especially people who have just joined bitcoin.
As long as we don't listen to stories like that, we'll be fine.

[Jemzx00]

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.

Will all the FUDding and bad mouth that China has made against bitcoin and cryptocurrency, they couldn't really convinced a lot of people with these kind of antics. But, I can kinda admit it that they have FUDding cryptocurrency for a long time and may have affected bitcoin's price and market but I doubt that they'll be able to lower the price of bitcoin with this one.

Anyways, It's kinda funny if they'll say that or anything that includes "Quantum" like "Bitcoin's Blockchain technology has been exposed with all of it's flaws through Quantum computation from researchers from China".

[virasog]

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.

In other news, old man yells at cloud.

No seriously, this is old news. How many people have been lecturing us these past few days just on this board that our BTC is going to be worthless? :-/

Regardless of whether this news is old or new, it's just a fud that bitcoin is heading towards zero. Whales want that we sell our bitcoins to them for cheap and they will influence every media to give such negative news to create an environment where everyone thinks to sell bitcoin to save their capital. This is indeed a trap and we should be careful not to listen to these unrealistic predictions.

[ChrisPop]

Now, isn't that hypocritical? A communist government talking about manipulation. What can we draw from this? --> Fear of the emerging giant.
They are just making things worse for their population. Bitcoin is already well past the global phenomenon status and they still are trying to discourage their population from buying it instead of embracing "change". That's just so characteristic for conservatorism.

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

No s@it... Why aren't they creating something like Bitcoin if it is just a string of digital code? - Short answer -> Because they can't and because they lack the vision.

[Pesona1]

If so, let it be and we will see what will happen with the crypto market.
Bitcoin has been tested many times with drastic price drops; this time, bitcoin is experiencing it again.
But I think people still believe that bitcoin will rise again after this.
It's only natural that China thinks like that to influence people's minds, especially people who have just joined bitcoin.
As long as we don't listen to stories like that, we'll be fine.

So far China is the biggest FUD spreader for bitcoin, even China is a country that is quite anti-bitcoin and they continue to do FUD to mentally bring down bitcoin investors, to be honest after seeing the development of bitcoin so far which continues to rise after the price drop , of course what china says It's not something we need to be afraid of, so I think we don't need to listen to what China has to say about bitcoin and it's better if we stick to what we believe in bitcoin.

[so98nn]

The Chi. . . who?
Who are they, I am hearing this word for the first time in my life until now. lol (sarcasm)

Thats really funny thing coming from Chinese news channel. They should look after their bread butter rather than poking into bitcoin all the time. First they ban everything from their country, then suddenly bitcoin goes up and then they get jealous about it! They literally thought bitcoin will vanish when they stopped mining operations within their country but opposite happened.

Now as the bitcoin is on the bearish line they are trying to create new sort of FUD. I am sure this warning is for their own peeps and not the other world. Because do whatever you like, I am definitely going to HODL until last coin.

[fiulpro]

China warns people that they are going to ban bitcoins... China bans bitcoin mining..causes a massive brain drain....china allows bitcoins again....china not so sure...now china wants to launch a new digital asset governed by the government... China wants people to invest ..china making statements which are baseless.

They Chinese government just wants their own asset to have a loads of investments therefore what they are doing is trying to somehow prevent people from investing in cryptocurrencies like bitcoins at the end of the day all these comments are not only senseless but one should not give this FUD a platform to be discussed as well.

[JoyMarsha]

Right from day one, China has not been in support of bitcoin, they rated bitcoin as their 10th coin. As much, as they try to discredit bitcoin, it keeps excelling beyond their imagination. It pains them, that they have only control over it, If bitcoin was something that can be controlled by technology China would have been the first country to have maximum control over bitcoin long ago.
The financial freedom bitcoin brings, they don't want their citizens to gain or learn from it since they are not the ones that invented bitcoin, so because of that, they are not in full support of it

[KennyR]

Right from day one, China has not been in support of bitcoin, they rated bitcoin as their 10th coin. As much, as they try to discredit bitcoin, it keeps excelling beyond their imagination. It pains them, that they have only control over it, If bitcoin was something that can be controlled by technology China would have been the first country to have maximum control over bitcoin long ago.
The financial freedom bitcoin brings, they don't want their citizens to gain or learn from it since they are not the ones that invented bitcoin, so because of that, they are not in full support of it

In the beginning China is one of the country that have helped with the growth of bitcoin. During those days it was China that contributed good with the mining. If there isn't big support during the initial days, the network couldn't have turned this big.

At some point China wanted it to have control over the network network, which isn't possible. Further it started to make ban over cryptocurrency mining. The process is now towards creation of CBDC. When China made the ban, miners started to move towards other countries and the network didn't got affected out of it. Slowly they try to create FUD making use of the market decline.

[kryptqnick]

Like others here, I perceive it with a smile, 'cause Chinese propagandist warnings and concerns are a joke. China is naturally hostile to Bitcoin because it's an authoritarian regime that wants to get even more control over the lives of people than it already does, and controlling the currency is a part of it. Bitcoin isn't and never will be under the control of Chinese government, and it can be disruptive if people there put more trust into it than into yuan or if people specifically start using cryptos when they don't want the government to know about some funds or purchases. But claiming Bitcoin is heading to 0 is simply ridiculous.

[qwertyup23]

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I mean, what do you expect from a country that controls and manipulates their media? As far as I know, China also banned and prohibited the utlization of cryptocurrencies in their country- so it is somehow expected that they will force their people to believe such lies.

Though this may be the case, I think this will hurt the price and growth of cryptocurrencies in general. Before, there were tons of Chinese miners but the prohibition had caused a massive reduction of the prices of cryptocurrencies. Hopefully, some countries would show their support towards the movement of BTC and cryptocurrencies in order to at least pacify this situation.

[Silberman]

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.

It is not really that strange, it is known that the more you try to forbid something the more people want to know why the government wants to suppress that information, China is against bitcoin and we know it, so it is natural they are using the drop in the price to their advantage, however giving so much attention to bitcoin and its supposed bad state can damage bitcoin but only for the short term, over the long term people will realize about such a campaign against bitcoin and will begin to search for information about why this is the case, increasing awareness and ironically bringing a more informed investor to the market, which is way more difficult to scare with FUD.