Bitcoin’s 36% Increase Contradicts Official Claims

The Chinese government has been working hard to convince people that Bitcoin will lose all of its value, yet thus far, their predictions have been entirely off the mark.

Since official predictions that the original cryptocurrency would lose all of its value a year ago, it has increased by as much as 36%.

The Chinese government attempted to profit from the chaotic bear market of 2022 by telling cryptocurrency investors that Bitcoin values were “heading to zero.”

The Economic Daily, a national news outlet in China, warned about Bitcoin precisely one year ago to reassure the public that it was just a useless “string of digital codes.”

“Bitcoin will return to its original value, which is utterly worthless,” the article stated. “In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal,” the report said,

Bitcoin has not lost any value since the Chinese government issued the warning, although it is still unclear whether it will eventually reach zero. Bitcoin, on the other hand, has dramatically climbed since the article’s publication.

When the Economic Daily published the piece in June 2022, statistics showed that Bitcoin was trading at about $20,000.

BTC is currently trading at $28,852, up over 36% from the beginning of the year.

Bitcoin has had ups and downs over the past year, despite making significant gains. By market capitalization, the most prominent cryptocurrency fell as low as $15,700 in November 2022.

Then, in April 2023, the price of Bitcoin temporarily surpassed $30,000.

One of the first nations to impose regulations on cryptocurrency was China. The Chinese government forbade bitcoin exchanges from offering their services there in 2017.

By the end of 2017, Bitcoin had increased by 1,900%, reaching a record-high price of $20,000 despite the prohibition.

The Chinese central bank declared a new ban on cryptocurrencies in 2021 and joined forces with other Chinese agencies to stifle local crypto development.

In November 2021, just a few months after the ban was declared, Bitcoin reached an all-time high price of almost $68,000.

China has maintained the second-largest Bitcoin miner in the world despite “banning” cryptocurrency in 2021.

Additionally, the Chinese government supports cryptocurrency investors’ rights and permits its citizens to possess cryptocurrencies.