“China crashed Bitcoin” and other myths

Don’t blame China for the #Bitcoin crash! Instead, blame insane headlines, ignorance and social media. It makes #CBDC look good!

China’s regulators were doing their job when they issued this public service announcement to warn people about Bitcoin volatility:

“Virtual currency’s prices have soared and plummeted recently, resulting [in] a rebound of speculative trading activities of virtual currency.” “It has seriously damaged the safety of the people’s investment and damaged the normal economic and financial orders.”

The rest is history as pundits cried out:

China crashed Bitcoin!

No China did not crash Bitcoin.  I find it amusing, next they’ll blame China for the wind and tides.

It was ignorance of China’s laws on BTC and a Reuters dramatic headline claiming “China bans financial, payment institutions from cryptocurrency business” that led to the Bitcoin crash. Not China.

BTC was banned from financial and payment institutions since 2013! The Reuters headline was BS!

Disciples of BTC, and media pundits, who should have known better, were spooked.

You are now seeing the real cost of the JUNK headlines that seek to dramatize every news event in China. There is a cost, and I pray it’s never paid in bullets.

Now to the problem with “the currency of the future” Bitcoin.

While it is considered a benefit that there’s no central bank controlling Bitcoin, this means that anyone from Elon Musk, to Reddit can impact its price via social media.

Without a central bank’s intervention, crashes are a feature not a bug. (I’m sure BTC fans will disagree.)

If you’re OK with that fine, but I think it makes a case for CBDCs.