China piles pressure on Bitcoin with recent remark

Sahana Kiran
Source – Unsplash

The onset of the bear market has paved the way for an array of predictions with respect to Bitcoin [BTC]. While some believe that this setback is merely a catapult to a potential pump, a few others seem to be confident that this bear market is the death of the king coin. As these predictions pour in, several countries continued rolling out regulations governing the market, however, one nation persisted in its hostility against BTC.

China and its Bitcoin journey are quite notable. Initially, China emerged as a BTC hotspot. Delivering the most popular crypto platforms, the country recorded the highest volume of crypto activity for the longest time. However, the level of decentralization that the industry offered did not sit well with the Chinese government. Hence, the country went on to bid adieu to all things crypto. Despite this, China continues to record activity in mining and trading.

Therefore, with the depreciating market, the Chinese government went on to scare its citizens suggesting that Bitcoin was headed to zero. As per a recent report published by the Chinese nations news portal, Economic Daily, “Bitcoin was nothing more than a string of digital codes.” The platform told users that the returns were mainly amassed from buying low and selling high.

The newspaper further added,

“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.”

At press time, Bitcoin was once again trading for a low of $20,346. Despite this downfall, regulations in favor of the crypto-verse were pouring in.

While the bears undoubtedly scared newbies off the market, the OG crypto investors continued holding their Bitcoin.

In addition to this, the Chinese government took a jab at Western countries and their regulations. The newspaper noted that these faint regulations create a highly-leveraged market that is “full of manipulation and pseudo-technology concepts.”

“Bitcoin is a lifeboat” – Michael Saylor

Microstrategy’s Michael Saylor has time and again expressed his support for Bitcoin. From holding on to his funds to urging people to purchase more BTC, Saylor has been a prominent BTC evangelist. Now, once again, despite the downfall of the world’s largest crypto, Saylor was bullish.

He went on to compare Bitcoin to a lifeboat.

Additionally, as Bitcoin continues to plummet there is a major divide in the market. While the fate of the crypto is unknown, the holders hope for a possible surge.