Chinese Official National Media has warned that Bitcoin could fall as low as zero dollars to deter investment in cryptocurrencies in the country. The Chinese government’s warnings to crypto investors that Bitcoin is heading towards zero have now taken the form of propaganda in the country. The English-language newspaper South China Morning Post (SCMP) in the country wrote on June 22 that China’s national media agency, Economic Daily, warned people that “Bitcoin is driving chaos”. Investing in crypto is illogical due to manipulation and volatility, according to SCMP.
Has China Taken Against the West?
Last July, the Chinese government banned Bitcoin mining completely and started to use all of the work in this area nationwide for a central bank digital currency (CBDC). Banning all cryptocurrency transactions in September 2021, China also banned the domestic activities of foreign cryptocurrency exchanges in 2018. The news that China spread that Bitcoin could go to zero was considered as “hard accusation against the West” in the international press.
On the other hand, unlike China, the Bank of England (BoE) made a positive statement, saying that although there is a bear market, solid crypto money projects may be much stronger in the future.