The Economic Daily, China’s official newspaper, says that the most popular cryptocurrency, Bitcoin, is “going to zero.” When the world economy was getting worse and cryptocurrencies were having trouble, a warning came. If you are new to crypto investment or trading check this site for advanced bitcoin trading knowledge.
As the bitcoin market continued to fall apart, the warning came. One Bitcoin cost close to $21,000 on Saturday. In November of last year, Bitcoin hit a record high of $68,000, so this is a big drop.
A journal says that Bitcoin is not much more than a bunch of digital codes and that most of its profits come from buying low and selling high.
In July of 2017, the government of China made it illegal to mine bitcoin.
It wants to create a digital currency called the “digital Chinese yuan.” It will be up to the central bank of the country (e-CNY).
In September 2017, the government said that it was illegal to buy, sell, or trade cryptocurrencies. In 2018, the country stopped letting cryptocurrency exchanges from other countries work on its land.
During the most recent sell-off on the cryptocurrency market, a state-run Chinese newspaper said that bitcoin’s price could drop below $0. During this time, the financial authorities in Shenzhen sent out a new warning about cryptocurrencies.
A report from the government says that the price of bitcoin will soon go down.
SCMP says that China’s official newspaper, Economic Daily, warned about bitcoin on Wednesday. The most popular newspaper in China is put out by the Central Committee of the Chinese Communist Party, which also runs the country.
Because so many people are selling cryptocurrencies right now, the price of bitcoin could “fall to zero.” Investors should be careful because of this.
Bitcoin will lose all of its value when investors stop trusting it or when sovereign governments say it is against the law.
The Chinese government has sent out another warning. The Shenzhen Development and Reform Commission, the Shenzhen Central Branch of the People’s Bank of China, and the Shenzhen Financial Regulatory Bureau all warned investors about cryptocurrencies on Tuesday. They told them not to use cryptocurrency to do anything illegal with money and how to avoid being scammed.
It also says that they are bad for the economy and finances of the country.
The People’s Bank of China (PBOC) and 10 other ministries and commissions put out a joint statement in September of the year before. In the statement, it was said that virtual currency is not legal money and that any financial transactions that use it are also illegal. How the PBOC interpreted what was said.
Can Bitcoin’s price go to zero?
The price of Bitcoin is going down, as shown by a graph on the screen of a mobile phone.
The price drop of Terra Luna shows that, in theory, the price of any cryptocurrency could go to zero. But for something as popular and important as Bitcoin, the way things work would have to change a lot for its value to drop quickly. To understand why this is going on, you need to know how Bitcoin works.
When people buy bitcoin, they usually have plans for how long they want to keep it. Some people like to buy it when the price goes down because they think it will go back up, and then they sell it when the price goes back up. Others buy Bitcoin as a long-term investment that they don’t care if the price goes up or down after they buy it.
But some people think that Bitcoin or another cryptocurrency could one day replace regular money. People who like cryptocurrencies often think that centralized banking is dangerous or unfair and that decentralized banking is the way of the future. For someone who sees the world this way, buying bitcoin is more than just a way to gamble with money. It shows how much they want the bitcoin market to happen.
Also, Bitcoin can now be used to buy things and pay for services in a number of countries around the world. This is the official bid of some countries!. This had a lot of different effects. Other countries are also making digital currencies that can be used to pay for things in the future.