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Is China Insecure About Bitcoin Wider Adoption?

 Witnessing the growing adoption of the most popular cryptocurrency, people have been taking immense interest in investing in bitcoins. 


Many big companies including Goldman Sachs, Burger King, Tesla, Square, JP Morgan now have added Bitcoin as the payment option. 


However, it seems some people are still doubtful about the spreading wave of Bitcoin. One such latest example has come from an economist from China. 


As per his prediction, if Bitcoin continues to spread its importance in getting adopted widely, then it will be an alarming indication. 


According to Qu, it will lead to a situation of society falling into the trap of deflation, which will certainly result in the shrinking of society. 


Bitcoin Adoption: The Worst Scenario For Chinese Economist Qu


For Chinese Economist, Bitcoin is more of a deflationary crypto asset with limited quantity. 


There will be no expansion in its amount with the rise of human development. 


When he was asked regarding in what way Bitcoin adoption would affect the financial system, his reply came as everyone is going to meet their doom, and it is not a prank. 


Humor For Bitcoiners


The comment on Bitcoin adoption by Chinese economist Qu became a laughing stock for Bitcoiners, who termed it as a condition of FUD meaning Fear, Uncertainty, and Doubt. Rather, they took it as a joke and crappy propaganda. 


Final Words


There might be different approaches by people regarding the growing adoption of Bitcoin success. Crypto lovers would still do the investment in bitcoins. 



Cryptoknowmics

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