China Central Bank Leader Doubtful Of Bitcoin’s Future: Bear Market Is Coming?

Key Points:

• Pan Gongsheng’s appointment as the new leader of China’s central bank signals a potentially more aggressive approach toward regulating the cryptocurrency industry.
• Gongsheng has a history of skepticism toward Bitcoin, having famously predicted that its “corpse” will one day float by.

China’s appointment of Pan Gongsheng as new leader raises questions about Bitcoin’s future, given his past skepticism and recent crackdowns on the cryptocurrency industry.

The Central Bank of China has recently announced the appointment of its new leader, Pan Gongsheng. However, this appointment is notable not only for the change in leadership, but also because of Pan Gongsheng’s history of skepticism towards Bitcoin. In 2017, he made a now-famous statement: “Sit by the river and watch, one day, the corpse of Bitcoin will float in front of you.” This statement has resurfaced in light of his recent appointment, raising questions about what it means for the future of cryptocurrency in China.

During a speech, Pan Gongsheng praised the decision to shut down Bitcoin trading platforms and stop ICOs, calling it a “decisive and correct” move. He further cited an article by French scholar Eric Pichet, which compared the Bitcoin bubble to past examples of speculation like tulip mania and the internet bubble. Pichet argued that no one can predict the length of a speculative wave or where its peak will be. As Keynes famously said, “Markets can be irrational for long enough to bankrupt you.”

These statements from Pan Gongsheng and Pichet highlight the ongoing debate around the future of Bitcoin and cryptocurrency. While some believe Bitcoin is a bubble waiting to burst, others argue it is a valuable asset with long-term potential.

At the time of writing, Bitcoin (BTC) is trading at around $30,500, as shown by CoinMarketCap data.

Pan Gongsheng’s appointment as the new party secretary of the central bank raises questions about how China will regulate cryptocurrency going forward. As one of the world’s largest economies, China’s stance on cryptocurrency has significant implications for the global market. With the recent crackdown on cryptocurrency mining, it seems that China is taking a more aggressive approach towards regulating the industry.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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