The most hilarious thing to be said about Bitcoin has to be this. Recently, a Chinese economist said that he thinks “We are all going to die” if Bitcoin becomes the future of the world economy. He added that “the whole society is going to shrink and self explode.” The economist claims that this is not a joke, and he can predict exactly what is going to happen.
What does the Chinese Economist have to say about Bitcoin?
In an interview at the China central television, the assistant director at the International Monetary Institute of Renmin University, revealed that we are all going to die if we use Bitcoin. He says that the worst thing that could happen is that Bitcoin gets widely accepted globally and becomes the main currency. The main problem here is the fact that Bitcoin is limited by nature, and no matter what is done, the number of coins will never increase.
Then he added that often we coin inflation as the problem, but deflation will be the problem here. And like the Ming dynasty, the modern civilization will shrink and self-explode due to the same. There are a lot of key things that Qu has missed in his equations. One of the major ones is that there will still exist many other cryptocurrencies that will also be widely adopted and used by the masses. Then there is also the fact that Bitcoin is being treated as a store of value and not as a currency.
The reaction on Twitter
After this news came out, Twitter was flooded with memes, and every big BTC follower and personality sarcastically commented on the same. Many also termed it as FUD and propaganda spread by the government. Some might be thinking about the example Qu gave, and even that was proven wrong. A guy showed evidence on Twitter that the Ming dynasty didn’t collapse due to the same reason. Another guy cleared it out, saying that the dynasty didn’t collapse due to deflation but due to hyperinflation where the government printed a lot of money. And finally, we have the best comment saying, “We all are going to die someday.”
What are your thoughts on the illogical comments made by Qu? And are you going to die too? Ohhh, I meant do you HODL Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin ATM operator sent to jail in the US.