China warns Bitcoin is heading to zero but BoE looks on the bright side

Bitcoin

China warns Bitcoin is heading to zero but BoE looks on the bright side

Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.

The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin (BTC) prices are “heading to zero.” 

The South China Morning Post reported on Wednesday that the Chinese national news media agency Economic Daily had issued a warning about the largest cryptocurrency by market cap to further dissuade citizens from adopting the use of crypto.

The Economic Daily report says the west is to blame for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts,” which it said was an “important external factor” which contributes to Bitcoin’s volatility.

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper:

President Bukele has come under fire for investing in the cryptocurrency and sustaining tens of millions in losses so far, but Minister of Finance Alejandro Zelaya has argued that they are not losses “because we have not sold the coins.”

As of the time of writing, BTC is trading at $20,386, 71% down from its high and 0.7% down over the past 24 hours, according to CoinGecko.

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