China Global Television Network talks about the future of Bitcoin: “We are all going to die”
Bitcoin is dead, will die, and more comments are not unheard of. With cryptocurrency being bad for the environment, the economy – even known as rat poison – is nothing new. But âwe’re all going to dieâ if the emerging technology is successful is definitely new and completely out of left field.
The comment comes during a segment of the China Global Television Network while talking about “what if” the highest market-cap cryptocurrency succeeds in replacing the dollar. In addition to a “deflationary death spiral”, society as we know it is apparently going to come to an abrupt end. Here is more on the bizarre crypto claims.
Bitcoin is the end of everything, critics say
People love or hate Bitcoin. Millions of people are exchanging hard-earned money for cryptocurrency in the hope that it will someday become something. Others are adding laser eyes to their profile photos to show their support for the changing tide of money.
Related reading | Parabola Broken: why the Bitcoin correction could go much further
Just as many are lining up to debate why it’s a bad thing instead, with remarks ranging from its environmental impact to how it could disrupt government control over citizens. The likes of “Dr. Death” from Nouriel Roubini to Warren Buffett and dozens of economists have all castigated him, yet each time he “dies” according to the media, he comes back stronger than before.
The same example happened once again, when the cryptocurrency was declared dead in 2018. Today, the asset is trading ten times the low set that year, increasing the chances that technology emerging market disrupts the dollar.
The rise of Bitcoin has economists shaken | Source: BTCUSD on TradingView.com
How crypto puts the world into a deflationary death spiral
The more the price of Bitcoin climbs, the closer the reality gets to the reality where cryptocurrency is widely used and represents a large part of the world’s wealth.
I walked into my hotel room and it was on TV
* Product to shout ð pic.twitter.com/6p1XHk0txh
– Hailey Lennon (@HaileyLennonBTC) May 28, 2021
However, if that happens, according to Qi Quang, deputy director of the International Monetary Institute at Renmin University of China, “we are all going to die.”
âIf Bitcoin were to become the ultimate form of currency adopted by humans and society, I can tell you exactly what’s going to happen in the worst-case scenario,â he said, adding âwe’re all going to dieâ.
“It’s not a joke,” he said. He backed up his theory by explaining that due to the âstrictâ bid of 21 million BTC, it is a deflationary asset. And because of this, the company is doomed to a “deflationary death spiral”.
Related reading | Why the next Bitcoin bear market can only last for months
He says businesses will âback offâ, jobs âwill witherâ and society will âshrinkâ until it collapses. Yeah. And somehow it kills everyone.
Featured image from iStockPhoto, Charts from TradingView.com