{"id":466698,"date":"2022-06-23T05:43:23","date_gmt":"2022-06-23T02:43:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-warns-bitcoin-is-heading-to-zero-but-boe-looks-on-the-bright-side\/"},"modified":"2022-06-23T05:43:23","modified_gmt":"2022-06-23T02:43:23","slug":"china-warns-bitcoin-is-heading-to-zero-but-boe-looks-on-the-bright-side","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-warns-bitcoin-is-heading-to-zero-but-boe-looks-on-the-bright-side\/","title":{"rendered":"# China warns Bitcoin is heading to zero but BoE looks on the bright side"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d8185ca9a3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d8185ca9a3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/china-warns-bitcoin-is-heading-to-zero-but-boe-looks-on-the-bright-side\/#%E2%80%9D_China_warns_Bitcoin_is_heading_to_zero_but_BoE_looks_on_the_bright_side_%E2%80%9C\" >&#8221; China warns Bitcoin is heading to zero but BoE looks on the bright side &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_China_warns_Bitcoin_is_heading_to_zero_but_BoE_looks_on_the_bright_side_%E2%80%9C\"><\/span>&#8221; China warns Bitcoin is heading to zero but BoE looks on the bright side &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMjkzYmJkZDctNjM1Ny00NThkLWFkMDQtNTRlZjI5MTgxOTVhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin prices are \u201cheading to zero.\u201d\u00a0<\/p>\n<p>The South China Morning Post <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.scmp.com\/tech\/policy\/article\/3182654\/bitcoin-market-meltdown-prompts-fresh-warning-china-value-worlds\">reported<\/a> on June 22 that Chinese national <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> agency Economic Daily had issued the warning about the largest cryptocurrency by market cap to further dissuade citizens from adopting the use of crypto.<\/p>\n<p>The Economic Daily report says the west is to blame for creating a highly-leveraged market that is \u201cfull of manipulation and pseudo-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> concepts\u201d which it said was an \u201cimportant external factor\u201d which contributes to Bitcoin\u2019s volatility. <\/p>\n<p>\u201cBitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,\u201d said the newspaper. <\/p>\n<blockquote><p>\u201cIn the future, once investors\u2019 confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.\u201d<\/p><\/blockquote>\n<p>The Chinese government banned Bitcoin mining last July and has grand plans to launch its central bank digital currency (CBDC) called the digital Chinese yuan (e-CNY) nation-wide. It banned all cryptocurrency <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/technology-58678907\">transactions<\/a> last September, and infamously banned foreign crypto exchanges from operating within the country in 2018.<\/p>\n<p>The Chinese Government isn\u2019t the only one weighing in with predictions about where they see Bitcoin\u2019s price going.<\/p>\n<p>On Monday, founder and CEO of market analysis firm DeMark Analytics Tom DeMark <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.marketwatch.com\/story\/tom-demark-identified-the-bitcoin-downside-in-march-heres-the-good-and-bad-news-the-technical-strategist-now-has-for-the-cryptocurrency-11655719167?mod=search_headline\">told<\/a> Marketwatch he believes the crypto market is in line for prolonged price reductions because BTC has fallen below 50% from its November peak of $69,000, <\/p>\n<blockquote><p>\u201cSuch breakdowns bespeak a high probability that recovery to the all-time Bitcoin highs will require many years, if not decades, to accomplish.\u201d<\/p><\/blockquote>\n<p>However there is still a chance for it to bounce back into the $40,000 range within the next few months he said. <\/p>\n<blockquote><p>\u201cThis does not negate the prospect of up to 50-56% recovery over upcoming months which implies bitcoin rally back to $40,000-$45,000.\u201d<\/p><\/blockquote>\n<p>In contrast to Beijing\u2019s warnings, the Bank of England (BOE) has begun to see the upside potential of building wealth in the crypto space during a bear market. <\/p>\n<p>Deputy Governor for the BOE Jon Cunliffe told <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-22\/crypto-crash-survivors-could-become-tomorrow-s-amazons-boe-says\">Bloomberg<\/a> on June 22 that the crypto firms that manage to stay afloat during the current downturn could be the \u201cdominant players\u201d in the industry when things turn around. <\/p>\n<blockquote><p>\u201cWhatever h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens over the next few months to crypto assets, I expect crypto technology and finance to continue. It has the possibility of huge efficiencies and changes in market structure.\u201d<\/p><\/blockquote>\n<p>Meanwhile El Salvador\u2019s President Nayib Bukele addressed the Bitcoin world on June 19 in regards to the slumping BTC prices. He tweeted that people should \u201cstop looking at the graph and enjoy life,\u201d because he is confident that prices will recover.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I see that some people are worried or anxious about the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> market price.<\/p>\n<p>My advice: stop looking at the graph and enjoy life. If you invested in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> your investment is safe and its value will immensely grow after the bear market.<\/p>\n<p>Patience is the key.<\/p>\n<p>\u2014 Nayib Bukele (@nayibbukele) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1538356901297143809?ref_src=twsrc%5Etfw\">June 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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 \u201cbecause we have not sold the coins.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Friday\u2019s $2.25B Bitcoin options expiry might prove that $17.6K wasn\u2019t BTC\u2019s bottom<\/em><\/strong><\/p>\n<p>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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">according<\/a> to CoinGecko.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/china-warns-bitcoin-is-heading-to-zero-but-boe-looks-on-the-bright-side\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; China warns Bitcoin is heading to zero but BoE looks on the bright side &#8220; The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin prices are \u201cheading to zero.\u201d\u00a0 The South China Morning Post reported on June 22 that Chinese national news media agency&#8230;<\/p>\n","protected":false},"author":1,"featured_media":466699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMjkzYmJkZDctNjM1Ny00NThkLWFkMDQtNTRlZjI5MTgxOTVhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75044,74862,74937,74355,4973],"class_list":["post-466698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bank-of-england","tag-bitcoin","tag-bitcoin-price","tag-adoption","tag-china"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/466698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=466698"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/466698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/466699"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=466698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=466698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=466698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}