Bitcoin and its “pseudo-technology” will go to 0! China’s wake-up call

Bitcoin is bad (it seems) – Unless you’ve just arrived in the cryptosphere, there’s no need to remind you how much the inability to control Bitcoin (BTC) is hated by the Chinese One Party (CCP). The latter swears by the e yuan (e-CNY), the Chinese version of a central bank digital currency (MNBC). The CCP media therefore continue to denigrate Bitcoin and decentralized crypto-assets, to prevent them from overshadowing their own MNBC.

Bitcoin: ‘nothing more than a string of digital codes’

The Chinaat least his government – has been trying for years to repel bitcoin and his fellows from his soil (unsuccessful so far). From banishment crypto exchange/funding (ICO) platforms as early as 2017/2018, at theprohibition crypto-mining activities (end of 2021), the Chinese Communist Party is making every effort to counter adoption of the king of cryptos.

The latest projection comes to us from the national press agency Economic Daily, the CCP’s (let’s be polite) news outlet. As reported in particular by the South China Morning Post, the propaganda organ (oops, it escaped us this time) is not going all out with Bitcoin.

“Bitcoin is nothing more than a string of digital codes, and its profits come mainly from buying low and selling high. (…) In the future, when investor confidence plummets, or when sovereign countries declare Bitcoin illegal, it will revert to its original value, which is totally zero. »

Economic Daily

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Challenge: quote a single currency fiat which has not depreciated over time

This last statement is very unfortunate, since it paraphrases this famous quote from Voltaire on currencies fiat issued by the States:

“A fiat currency [ndlr : comme le dollar ou le yuan], based solely on trust in the government that prints it, always ends up returning to its intrinsic value, i.e. zero. »


Nothing surprising here, however. Indeed, a month ago – and exactly as US Treasury Secretary Janet Yellen -, the Economic Daily had already jumped on the stablecoin disaster UST of Terra (LUNA) to take advantage of it, or rather, to shoot the ambulance.

Going back to its last publication on Bitcoin, the information organ (let’s go back to it) of the Single Party is also not lacking in blame on Western countries:

” [Les États-Unis/pays occidentaux] helped create a market [crypto] highly leveraged, which is full of pseudo-technological manipulations and concepts. (…)”

Economic Daily

There is also no shortage of Asian (or even Chinese) crypto-exchanges offering leverage effects, however… The South China Morning Post, based in hong kong and so much more neutralcommented on the words of their fellow journalists (we did not say “propagandists”) from the Economic Daily:

“Yet we know that cryptocurrency enthusiasts across the country have found solutions to circumvent the restrictions. They remain active in hiding. »

South China Morning Post

We didn’t say it! As you will understand, the cat and mouse game will go on and on, between Chinese crypto-enthusiasts and their authoritarian government. Meanwhile, countries are beginning to realize, like the Great Britain, that the hypersurveillance of cryptos is vain, and draconian. And their prohibition even more, since the universality of Bitcoin allows it by its very nature to resist censorship.

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