Amid the uncertainty of the crypto market with the constant price drops of Bitcoin and other assets, critics have begun to gain traction on all sides, including China itself. According to the country’s news agencies, Bitcoin could drop to zero.
Several news outlets in China talk about the possibility of Bitcoin collapsing to zero, especially the news portal. Economic Newspaperwhich is administered by the Central Committee of the Communist Party of China.
The state’s website published an article on Wednesday, 22, warning investors that Bitcoin is “on its way to zero” following the recent protracted slump in digital assets.
Not only on price, but the Economic Daily also attacked Bitcoin’s intrinsic value as a currency that is just “a few lines of code”.
“Bitcoin is nothing more than a few lines of code and the returns mainly come from buying low and selling high. In the future, once investor confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is ultimately nothing.
Right now, Bitcoin is struggling to keep the price between a $19K support level and a resistance at $21K.
For the past few days, this area has been one of Bitcoin’s hot spots with $19k now being critical after breaking the support at $20k.
Every time bitcoin comes close to this new support, there is a scare as it could see the coin hit $15,000 in the near term.
This makes it very easy to find negative opinions about the crypto market. It’s a very common thing when the market is down, it’s part of the cycle of negativity (and even FUD) that happens at these times.
While these kinds of opinions can make many desperate, for others it’s just another ordinary moment and maybe even time to “buy low”.
But this is never an exact science, but given its history, bearish cycles like this took place before a rally that often leads to new price records, only the future will show which path Bitcoin has taken.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.