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China’s Communist Party mouthpiece warns that bitcoin could drop to zero

China’s Communist Party mouthpiece warns that bitcoin could drop to zero

alex dovbanya

The mouthpiece of the Communist Party of China has admitted that bitcoin could go straight back to zero.

The Economic Daily, a business newspaper directly controlled by the Communist Party of China, has warned that the price of bitcoin could be zero, South China Morning Post reports,

The paper says that since the largest cryptocurrency has no intrinsic value, it will be nearly worthless if investors lose their trust. The largest cryptocurrency is currently trading above the $20,000 level after falling as low as $17,600 over the weekend.

The Chinese government mouthpiece states that the cryptocurrency market is “full of manipulation.”

The article, which reflects the CCP’s official position on cryptocurrencies, indicates that the Chinese government is nowhere close to warming up to crypto.

The Financial Regulatory Bureau of Shenzhen also warned about speculation and illegal activities related to cryptocurrency.

Last May, Chinese authorities launched a major crackdown on bitcoin mining in June 2021, banning almost all domestic cryptocurrency farms. This reduced the mining capacity of the country to zero. However, as of May, China is the world’s second largest mining center (behind only the US) due to underground mining operations.

Earlier this month, Guangdong province announced that it would take tougher measures against those trying to circumvent existing restrictions related to cryptocurrency.

In September, the People’s Bank of China declared all cryptocurrency transactions illegal.

In its anti-Bitcoin article, the Economic Daily also warned that the value of the cryptocurrency could drop if more governments begin to ban it.

Apart from China, cryptocurrency trading is illegal in countries such as Qatar, Algeria, Tunisia and Morocco.

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China’s Communist Party mouthpiece warns that bitcoin could drop to zero

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