The value of Bitcoin threatens to fall to zero according to this country

Since 2021, China has adopted a very hostile policy towards cryptocurrencies, as the Middle Kingdom develops e-CNY, its central bank digital currency. In 2021, the country first banned cryptocurrency mining, then decided to ban all crypto transactions.

And today, when the crypto ecosystem is in crisis, with significant drops in the values ​​of major cryptos such as Bitcoin or Ethereum, Beijing is driving the point home. According to an article in the South China Morning Post, the Economic Daily, a media outlet directly controlled by the Communist Party, recently warned investors of the risk that the value of Bitcoin will continue to decline, and that the cryptocurrency will eventually become worthless.

“Bitcoin is nothing more than a string of digital codes, and its returns come primarily from buying low and selling high”the newspaper said. “In the future, once investor confidence plummets or when sovereign countries declare bitcoin illegal, it will revert to its original value, which is completely worthless. »

The Economic Daily also points to the lack of regulation in Western countries, which has favored the creation of a highly leveraged market. “full of manipulation and pseudo-technology concepts”.

An argument to dissuade the last refractories?

Previously, the Communist Party outlet used the collapse of terraUSD to justify Beijing’s crypto ban. And today, as the crypto plunge continues, the newspaper is coming out with new arguments to dissuade the Chinese from participating in activities involving cryptocurrencies.

Indeed, according to the South China Morning Post, although China has banned cryptocurrency-related activities, enthusiasts have found ways to circumvent this ban. The Hong Kong media cites the example of the OKX platform, a crypto exchange whose 9% of web traffic still comes from China.

Of course, the Chinese Communist Party is not alone in believing that Bitcoin is worthless. The same argument is used by Bill Gates, who is not at all sympathetic to cryptos and NFTs.

“I like to invest in things that have value. The value of companies is based on how well they make great products. The value of crypto is just based on what one person decides how much another person will pay for their item”, he has already declared on the subject. As for NFTs, this one recently quipped: “Obviously expensive digital images of monkeys are going to improve the world in a big way. »

But there are also those who remain optimistic about cryptos, despite the coming crypto winter. Among these is whistleblower Edward Snowden. He had used Bitcoin to pay for the servers that were used to leak confidential documents on mass surveillance. And for him, it is the practical side of Bitcoin that must be favored and not its value as an investment.

And precisely, as Snowden recalled, the functionalities of Bitcoin remain the same whether the value of the crypto is $60,000 or $6,000.

“Everyone talks about getting rich and going to the moon. How is it going to be if no one is actually using these things functionally? And they’re working well – they’re working better every year for what they’re really intended for,” he also said during the TNW conference.

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