The Chinese government, taking advantage of the situation that Bitcoin is going through, warned that the cryptocurrency could be heading to cost zero dollars.

The region’s national news agency, the Economic Daily, sent a warning about the capitalization of cryptocurrency in the market, in order to persuade citizens not to adopt the use of this asset.

The report states that the West is to blame for creating a highly leveraged market that is “riddled with manipulation and pseudo-tech concepts,” which it said was a “major external factor” contributing to Bitcoin’s volatility.

The newspaper made strong statements in this regard, assuring that bitcoin “is nothing more than a chain of digital codes, and its returns come mainly from buying low and selling high.”

In July last year, the Chinese government issued a ban against bitcoin mining, while confirming at the time that it was on track to launch its own central bank-issued digital currency (CBDC).

K. Tovar

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Source: Cointelegraph

La entrada China predicts a sharp drop in Bitcoin apareció primero en Bitfinance.