After diving below $ 18,000 over the weekend, many were expecting bitcoin to consume more. The cryptocurrency, however, managed to climb back up and hold over $ 20,000 during the week. Despite this commendable resistance, Economic Daily, Chinese state media, believes that the current bear market could spell the end of bitcoin and drive its price to nil.
A view that reflects Beijing’s anti-crypto position fairly well
Media related to the Communist Party ruling China with an iron fist, the Economic Daily violently attacked bitcoin in a recent publication. In particular, he claimed that cryptocurrency without intrinsic value and that speculation was its only engine of growth. Therefore, the media confirms that bitcoin will lose all its value as investors lose confidence in it. He also said that the current mark market could precisely favor this crisis of confidence and accelerate the final collapse of the cryptocurrency.
The Economic Daily also reported that the encryption market is riddled with fraud, manipulation, and pseudo-tech concepts that should be banned worldwide. The media outlook on this market is not surprising since it readily reflects Beijing’s anti – crypto position. As a reminder, the Chinese government banned cryptocurrencies and all related activities last year. The ban on mining bitcoin and other cryptocurrencies has also led to a massive shift of companies in the sector to other countries.
Censorship with mixed results
Like government authorities, local platforms have begun to censor the use of cryptocurrencies and related assets. China’s premier social media platform, WeChat, has decided to make the latest update. This says there will be accounts involved in the promotion of cryptocurrencies and NFTs restricted or prohibited and then labeled as illegal undertakings.
However, it has been proven by Chinese efforts to ban cryptocurrencies as the country is once again the second largest contributor to the bitcoin hashrate after the United States. In addition to this stark evidence of a violation of the mining ban, a recent report suggests that drug traffickers are increasingly using cryptocurrencies in China.
A propaganda tool for Chinese authorities, the Economic Daily is now involved in the fight that is second to none against cryptocurrencies. His analysis of the current bear market is clearly aimed at persuading local investors to dump their bitcoin positions. It could also be a strategy to encourage them to switch to the digital yuan instead.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and express my pen information related to this ecosystem.