Chinese State-Owned Media Warns Bitcoin Is Going To Zero

Chinese state-run media justifies crypto ban in the country, says bitcoin is going to zero.

Chinese state-run newspaper The Economic Daily has warned investors that bitcoin is going zero.

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"Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” Chinese media reported.

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In September 2021, China banned all cryptocurrency transactions.

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The Chinese government also announced a complete ban on bitcoin mining last year. However, China continues to remain among top countries in bitcoin mining.

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The Asian country has been pushing its national digital currency, digital yuan, aggressively to ward off competition from cryptocurrencies.

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Bitcoin is currently trading at just above $21,000 at the press time.

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The entire crypto market has lost nearly $2 trillion from its all time-high in November last year.

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