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Nexo

China Global Television Network Talks Bitcoin Future: “We’re All Gonna Die”

Tony Spilotro by Tony Spilotro
12 months ago
in Bitcoin
0

Bitcoin is dead, is going to die, and more are not unheard of comments. The cryptocurrency being bad for the environment, the economy, even being called rat poison isn’t anything new. But “we’re all gonna die” if the emerging technology succeeds is definitely a new one, and completely out of left field.

The comment comes during a segment from China Global Television Network while talking about “what if” the top cryptocurrency by market cap succeeds in replacing the dollar. In addition to a “deflationary death spiral,” society as we know it will apparently come to an abrupt end. Here’s more about the bizarre claims about crypto.

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Bitcoin Is The End of Everything, According To Naysayers

People either love or hate Bitcoin. Millions exchange hard-earned cash for the cryptocurrency in hopes it becomes something someday. Others add laser eyes to their profile pictures to show their support over the changing tide of money.

Related Reading | Parabola Broken: Why The Bitcoin Correction Could Go A Lot Deeper 

Just as many line up to debate why it is a bad thing instead, with remarks ranging from its environmental impact to how it could disrupt the government’s control over citizens. The likes of “Dr. Death” Nouriel Roubini to Warren Buffett and dozens of economists have all bashed it, yet each time it “dies” according to the media, it comes back stronger than before.

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The same example played out yet again, when the cryptocurrency was declared dead in 2018. Today the asset trades ten times the low set that year, increasing the chances of the emerging technology disrupting the dollar.

bitcoin china die

The rise of Bitcoin has economists shaken | Source: BTCUSD on TradingView.com

How Crypto Brings The World Into A Deflationary Death Spiral

The further Bitcoin price climbs, the closer the reality gets to coming true where the cryptocurrency is in wide use and represents a large share of the world’s wealth.

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

However, if that happens, according to Qi Quang, Assistant Director, International Monetary Institute Renmin University of China, “we’re all gonna die.”

“If Bitcoin were to become the ultimate form of currency that’s been adopted by humans and society, I can tell you exactly what is going to happen as a the worst case scenario,” he said, adding “we’re all gonna die.”

“This is no joke,” he defended. He backed up his theory with how due to the “strict” 21 million BTC supply, it is a deflationary asset. And due to this, society is doomed to a “deflationary death spiral.”

Related Reading | Why The Next Bitcoin Bear Market May Only Last Months

He claims business will “withdraw,” jobs will “wither away,” and society will “shrink” until it self-implodes. Yep. And somehow that kills everyone.

Featured image from iStockPhoto, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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