China’s Central Bank, Bank of China issued an infographic on Bitcoin. It aims to summarize the history, intrinsic value, and its relevance in China. The press release is made with a lot of illustrations to make it easy for interpretation.
Recently, Bitcoin proponents have seen any mention or slight development as a positive signal. Samson Mow, an entrepreneur and early adopter recently tweeted,
Yesterday the # posted up an article about #. They explained how $ works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. 😅#
Nevertheless, it is not entirely to be mistaken as a buy signal as well, because the infographic is filled with warnings as well. It showcased the highlights of the cryptocurrency markets in the last couple of years. From Bitcoin Pizza Day, Mt. Gox to Facebook’s announcement of Libra, it has tried to capture all the highlights.
It also vividly explained the mining process and the intrinsic value of Bitcoin. The Chinese courts A Twitter user with the pen name, Professor Meow, translated the part, he tweeted,
Why is Bitcoin so valuable? Scarcity, only 21 million. (They nailed this one) Mining gets harder and harder while computing power gets slower? (They missed this one)
He also said, “Bitcoin can buy physical goods SAFE HAVEN AGAINST INFLATION. Zimbabwe dollar comparison being made.”
It talked about the decentralization of Bitcoin and also joked that one could get married if he has Bitcoin without anyone’s permission or approval. Bitcoin ATM’s/Kiosk which has become widely available were mentioned as well.
Furthermore, it recognized the largest Bitcoin ‘hodler’ of China, Li Xiaolai. Reportedly we hold Bitcoins in six figures, i.e., greater than a hundred thousand BTC.
The following infographic depicts Li Xiaolai burning the FIAT currency to light a cigarette.
Last but not least, it also included the opinions of naysayers like Economist Ray Dalia, who thinks Bitcoin is a speculative bubble. Warren Buffet and Jamie Damon’s quotes against Bitcoin were also mentioned.
Hence, a substantial part of the press release includes warnings and threatening calls on Bitcoin. However, both Samson Mow and Professor Meow, who translated it on Twitter, suggested that it was positively inclined towards Bitcoin. He said,
That orange shirt big-headed glasses character is supposed to be the voice of reason. The characters in gray are supposed to be dumbo. Includes Dalio, Jamie, and Buffett lol
Do you think that China’s Bitcoin adoption is increasing rapidly? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com