Following the recent downturn in crypto markets, the Chinese government has warned investors, arguing that Bitcoin’s price will soon hit zero.
On June 22, the South China Morning Post he reported that China’s national news agency Economic Daily has issued a warning about BTC, in order to further citizens from investing in the cryptocurrency.
The Economic Daily report accuses the West of having misused leverage in a market “full of manipulation and pseudo-technological concepts,” and this has contributed to making Bitcoin highly unstable:
“Bitcoin is nothing more than a series of digital codes, its returns come mainly from the purchase and subsequent sale at a higher price.
In the future, when investor confidence collapses or the nations of the world declare Bitcoin illegal, the asset will return to its original value, which is nothing. “
Last July the Chinese government has Bitcoin mining prohibitedand plans to launch a Central Bank Digital Currency (CBDC) called the “digital yuan.” In September 2021 it has also banned all cryptocurrency transactions, e sin dal 2018 it is illegal for foreign exchanges to operate in the country.
Anche Tom DeMarkfounder and CEO of market analysis firm DeMark Analytics, recently released a fairly negative prediction about the future of Bitcoin:
“After such a collapse, a recovery of Bitcoin to its current all-time high will take years if not decades.”
However, the possibility of a return to $ 40,000 in the coming months cannot be ruled out:
“This does not negate the possibility of a recovery of up to 50-56% in the coming months. In other words, BTC could return to the level of 40,000-45,000 dollars.”
Jon Cunliffe is more optimisticDeputy Governor of the Bank of England, according to which projects that manage to stay afloat during the bear market will become “dominant players” when the trend reverses:
“Whatever happens to cryptocurrencies in the coming months, I believe crypto technology and finance will continue to be developed. They have the potential to greatly improve efficiency and change the entire market structure.”
Meanwhile Nayib Bukele, the president who made Bitcoin legal tender in El Salvador, simply advised concerned investors to ignore the charts:
“I see some people are worried or anxious about Bitcoin’s current market price.
My advice? Stop looking at the charts and enjoy life. If you have invested in Bitcoin, your investment is safe and its value will grow immensely at the end of the bear market.
You have to be patient. “
I see that some people are worried or anxious about the #Bitcoin market price.
My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.
Patience is the key.
– Nayib Bukele (@nayibbukele) June 19, 2022
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