“We will all die if Bitcoin is adopted,” says economist on Chinese state TV
Chinese economist Qu Qiang, assistant director of the International Monetary Institute at Renmin University, said in an interview with China Global Televion Network (CGTN) that we will all die if Bitcoin is widely adopted.
“If BTC were to become a definitive currency and adopted by all of human society, I can say exactly what will happen with the worst-case scenario: we will all die.”
With a serious look on his face, he said the doomsday prediction is no joke. To justify it, he said that the BTC, by having a restricted total number, is a deflation currency and could lead to a ‘deflationary death spiral’.
Walked into my hotel room and this was playing on the tv
*Proceeds to scream 😂 pic.twitter.com/6p1XHk0txh
— Hailey Lennon (@HaileyLennonBTC) May 28, 2021
“This means that the currency will not increase in quantity and will not keep up with the growth of human development. The entire society will shrink and explode. This is what happened at the end of the Ming dynasty (government of China between 1368 and 1644), when there was little silver”.
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While predicting a disastrous future for possible mass adoption of Bitcoin, Qiang promotes the digital yuan, China’s government-controlled central digital currency.
In a video published on May 30 on CGTN, the economist said that the state-owned digital asset is a revolution and the country took a big step in launching it.