Bitcoin up 36% YoY after China warned BTC was ‘heading to zero’
The government of China has tried hard to make people believe that Bitcoin (BTC) would become worthless, but its predictions to date have been far off the mark. The original cryptocurrency has gained around 36% since the Chinese government stated it would become worthless in 2022.
Amid the bear market, China attempted to capitalize on a massive market decline, warning crypto investors that Bitcoin prices were “heading to zero.”
Exactly one year ago, the Chinese national news media agency Economic Daily issued a warning about Bitcoin, in an effort to assure citizens that BTC was a worthless “string of digital codes.”
“In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless,” the article read.
While it’s yet to be seen whether Bitcoin is heading to zero one day, Bitcoin has not lost any value since the Chinese government made the warning. On the contrary, Bitcoin has significantly increased since the article was published.
According to data from CoinGecko, Bitcoin traded at around $20,000 by the time the Economic Daily released the article in June 2022. Twelve months later, BTC is trading at $28,852, up around 36% at the time of writing.
Despite posting notable gains, Bitcoin has seen its ups and downs over the past year. The largest cryptocurrency by market cap dropped to as low as $15,700 in November 2022. Then, in April 2023, Bitcoin briefly crossed the $30,000 price mark.
Related: Hong Kong’s regulatory lead sets it up to be major crypto hub
China was one of the first countries in the world to take regulatory action against crypto. In 2017, Chinese regulators banned cryptocurrency exchanges from providing
Read more on cointelegraph.com
