China warns population against Bitcoin: “It will fall to zero”

Amid the uncertainty of the crypto market with the constant price drops of Bitcoin and other assets, critics began to gain traction on all sides, including China itself. According to the country’s news agencies, “Bitcoin could drop to zero”.

Different news outlets in China are talking about the possibility of a Bitcoin collapse to nil, especially the news portal. Economic Dailywhich is administered by the Central Committee of the Communist Party of China.

The state-owned website published an article on Wednesday, 22, warning investors that Bitcoin is “on track to zero” after the recent prolonged slump in the digital asset.

Not only on price, but the Economic Daily also attacked Bitcoin’s intrinsic value as a currency that is just “a few lines of code.”

“Bitcoin is nothing more than a few lines of code and its return mainly comes from buying low and selling high. In the future, once investor confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is ultimately nothing.”

At the moment Bitcoin is struggling to keep the price between a support level of $19K and resistance at $21K.

Over the past few days this area has been one of Bitcoin’s hotspots, with $19,000 being critical now after the support break at $20,000.

Every time bitcoin gets close to this new support, the scare is big, after all, it could make the coin reach $ 15,000 in the short term.

This makes it very easy to find negative opinions about the crypto market. It’s something quite common when the market is down, it’s part of the cycle of negativity (and even FUD) that comes during these moments.

While this type of opinion can make many desperate, for others it is just another common moment and perhaps even time to “buy low”.

But this is never an exact science, but given its track record, bearish cycles like this happened before a rally that often leads to new price records, only the future will tell which path Bitcoin took.

About Abhishek Pratap

Food maven. Unapologetic travel fanatic. MCU's fan. Infuriatingly humble creator. Award-winning pop culture ninja.

Check Also

“Consider giving up…”; Flamengo revolts behind the scenes and makes a surprising decision about Maracanã

Flamengo President Rodolfo Landim has a meeting scheduled for this week where he will seek …