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Chinese Communist Party media warns bitcoin may fall to zero

Chinese Communist Party media warns bitcoin may fall to zero

State mouthpiece believes that sooner or later, investors will lose confidence in cryptocurrency, and governments around the world will declare it illegal.

According to the South China Morning Post, citing the Economic Daily, which is run by the Central Committee of the Communist Party of China, the bitcoin price may drop to zero. 

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” the newspaper said. “In the future, once investors’ confidence collapses or when sovereign countries declare bitcoin illegal, it will return to its original value, which is utterly worthless,” the article says.

China's largest messenger WeChat updated its terms of use, prohibiting users from posting information about services related to cryptocurrency or non-fungible tokens (NFT).

Recall that at the end of September 2021, the People's Bank of China banned cryptocurrency transactions. The country’s government equates the use of digital assets to illegal financial activities. Nevertheless, China is still among the leaders in cryptocurrency mining

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