Citizens of the Chinese government that Bitcoin (bitcoin) would have become worthless, even if his predictions to date were far from reality. The original cryptocurrency has It has risen nearly 36% since the Chinese government said it would make snow in 2022.
Amid the bear market, China tried to capitalize on the massive market drop, warning cryptocurrency investors that Bitcoin prices would “go towards zero”.
In June 2022, China’s national news agency, the Economic Daily, published an announcement about Bitcoin warning citizens that the asset is a worthless “digital code string”.
“In the future, when investor confidence falls or sovereign countries ban Bitcoin, it will definitely revert to its original value of zero.”The article has been read.
While it has not yet been determined whether Bitcoin will one day go towards zero, It has not lost its value since the Chinese government issued the warning. On the contrary, Bitcoin has risen significantly since the publication of the article.
according to data CoinGeckoWhen the Economic Daily published the article in June 2022, Bitcoin was trading at around $20,000. Twelve months later, as of this writing, BTC is trading at $29,152, up about 36%.
Despite the notable gains, Bitcoin has fluctuated sharply over the past year. As of November 2022, the largest cryptocurrency market cap dropped to $15,700. Then, in April 2023, Bitcoin briefly crossed $30,000.
China was one of the first countries in the world to take legal action against cryptocurrencies. Chinese regulators in 2017 banned cryptocurrency exchanges from providing services in the country. Despite Ban, Bitcoin Continues Its Journey To All-Time Highs, Up 1,900% Up to $20,000 at the end of 2017.
In 2021, the Chinese central bank announced a new ban on cryptocurrencies. join forces with several Chinese officials to stop local crypto activity. A few months after the ban was announced, Bitcoin reached an all-time high of $68,000 in November 2021.
Despite the “crypto ban” implemented in 2021, China second largest Bitcoin miner in the world. The Chinese government also allows citizens to own cryptocurrencies and appears to protect investor rights.
Translation of Walter Rizzo