Skip to main content

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

Comments

Post a Comment

Popular posts from this blog

Is celebrity support an added advantage to cryptocurrency growth?

  Celebrities are prominent figures in society. We admire them for their looks and get influenced by whatever brand they endorse. So can we say that their support for cryptocurrency is an added advantage? Well, up to an extent yes. Since they are public figures and rule the hearts of their fans, this indeed can be an added advantage in the growth of cryptocurrency.  But it is not completely true. The cryptocurrency rose to fame because of the unique features and advantages they provide to their users. First of all, they allow users to have the ownership of tier money which is not in the case of government-issued currencies. If you look at the whitepaper of Bitcoin framed by its founder Satoshi Nakamoto, then you will find that it restricts the interference of third parties and central authorities like banks and the government.  Cryptocurrency is now considered an investment asset by most crypto enthusiasts. Many people have become richer by it. Akshay Haldipur from India ...
Post a Comment
Read more

Bitcoin Mining Pools See Huge Shuffle in Prior To Bitcoin Halving

Chinese Bitcoin mining giants, Poolin and f2pool have witnessed substantial growth in their daily BTC block reward in January 2020. The dominating mining pool, BTC.com has dropped in the reward earning. This is how the tables are turning, prior to the highly-anticipated third halving. In the last couple o f weeks, Bitcoin has gone through some wholesale changes in its mainstay metrics. Take into consideration the example of the Bitcoin hash rate, which recorded its new all-time high just recently , has now entered a declining phase. The dominance, which usually hovers around 70 %, has now fallen close to the 60% mark. A pivotal part would be played by these elements on the price prior to the Bitcoin halving. F2pool is recording the highest BTC block reward earnings when it comes to the known mining pools . Elias Simos, a senior research analyst at Decentral Park, tweeted : Elias Simos @eliasimos A lot of reshuffling in the $ BTC mining game sin...
Post a Comment
Read more

Canadian Investment Firm 3iQ Files Prospectus for Bitcoin Fund

A Canadian Investment f irm 3iQ filed a prospectus for Bitcoin Funds with hopes to attract retail investors with a regulated digital asset fund. T he firm announced that it had filed a preliminary prospectus for a close-end Bitcoin fund; that it anticipates to unveil through the Toronto Stock Exchange later in the year . Fred Pye, the Chief Executive of the firm wrote :  : “We expect to list on the Toronto Stock Exchange in late December or early January. As a part of our next steps, we’re hoping to get Canada’s big banks on board. We’re hoping that two or three of Canada’s biggest banks, specifically ones that want to lead in fin-tech space, will join the syndicate group.” The Canadian investment funds manager revealed that they filed the Bitcoin fund prospectus regards to an Initial Public offering of both Class A and Class F units each at $10. Pye, a former senior vice president of Fidelity Investments -Canada; highlighted that retail investors have been s...
Post a Comment
Read more