HomeBitcoinChina Warns Bitcoin Could Drop to Zero

China Warns Bitcoin Could Drop to Zero


Faced with recent volatility in the cryptocurrency market, China has once again warned that Bitcoin’s value might be wiped entirely.

Investors should be careful of the potential of bitcoin values “going toward zero,” according to an article published Wednesday by the Economic Daily, a daily directly under the ruling Communist Party of China’s Central Committee.

“Bitcoin is little more than a string of digital codes, and its rewards are mostly derived from purchasing cheap and selling high,”

the paper states, before adding:

“In the future, when investor confidence falls or sovereign governments proclaim bitcoin illegal, the currency will revert to its original value, which is utterly worthless.”


The essay also blames Western countries for contributing to the creation of a highly leveraged market “full of pseudo-technological manipulations and notions,” which the paper describes as a “external factor essential” in contributing to bitcoin’s volatility.

Remember that China’s recent warning is consistent with Beijing’s long-held attitude, which has outlawed any cryptocurrency-related operations.

Leave a Reply


Community releases music and artwork that is inspired by ETH to commemorate the Merge.

Co-founder of Ethereum Vitalik Buterin thanked everyone who contributed to the Merge in a tweet. The Ethereum community celebrated the successful transition of the Ethereum network...

Us Treasury Sanctions Iran-based Cybercriminals.

New Bitcoin Addresses are Blacklisted by OFAC In the USA, Bitcoin addresses are not welcome. In accordance with a statement dated September 14, the crypto addresses...

Terra founder Do Kwon has an arrest warrant out of South Korea.

Kwon and five other people, who are now in Singapore, are the subjects of an arrest warrant issued by a court in Seoul, South Korea. The...

Crypto: Chainalysis report: Emerging markets dominate the worldwide adoption index.

While the crypto winter's cold winds caused worldwide adoption to slow down, emerging markets appear to be on fire in terms of adoption, outpacing higher-income...

Follow us


Most Popular

%d bloggers like this: