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.
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.
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.
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
