Amid the massive fall in cryptocurrencies, the Chinese Communist Party has anticipated that Bitcoin is heading to zero. The Economic Daily newspaper, which is run by CCP, claimed that Bitcoin is nothing more than a string of digital codes and it could become worthless soon.
The state-run newspaper argued that Bitcoin's value surged every year as investors built confidence in the BTC value in the absence of required regulation.
Investors Confidence in BTC Will 'Collapse'
But the confidence will collapse soon and Bitcoin will return to zero as countries start declaring BTC illegal.
Countries Will Declare Bitcoin "Illegal"
"Bitcoin's returns mainly come from buying low and selling high and 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," said the Economic Daily, according to SCMP.
China Blamed US For Bitcoin's volatility
The outlet also blamed the US for the massive surge in the value of Bitcoin in the past decade. The newspaper pointed out that the lack of regulation in the US and other Western countries encouraged the building of such a highly-leveraged market.
The Chinese newspaper also stressed that the highly-leveraged market is full of manipulation and pseudo-technology concepts, which helped Bitcoin's volatility.
Bitcoin, which is currently trading at $21,241.70, plunged below the $20,000 days back, which is a massive fall in the cryptocurrency's value as it was trading at $50,717 six months back in December 2021. The fall in Bitcoin's value emerged as all other digital tokens have also faced a massive decrease in their value and nearly all of the digital tokens have loosened more than half of their value.
The prediction of a massive fall in Bitcoin came as China has been discouraging its people to invest in Bitcoin as Beijing has outlawed trading, fundraising, and mining of cryptocurrencies.
Still, enthusiasts across the country are known to have found workarounds to skirt restrictions and stay active underground. That prompted the southern province of Guangdong last week to vow increased action against clandestine crypto-related activities, according to SCMP.