Every time China attempted to ban Bitcoin, the cryptocurrency subsequently hit new all-time highs.
The government of China had been trying hard to make people believe that Bitcoin would become worthless, but its predictions to date have been far off the mark. The original crypto currency has gained as much as 36% since official statements a year ago that it would become worthless.
Amid a wild bear market of 2022, the Chinese government attempted to capitalize on a massive market decline, warning crypto investors that Bitcoin prices were “heading to zero.”issued a warning about Bitcoin“In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless,” the article read.
While it’s yet to be seen whether Bitcoin is heading to zero one day, Bitcoin has not lost any value since the Chinese government made the warning. On the contrary, Bitcoin has significantly increased since the article was published.at around $20,000 by the time the Economic Daily released the article in June 2022. Twelve months later, BTC is trading at $28,852, up around 36% at the time of writing.Despite posting notable gains, Bitcoin has seen its ups and downs over the past year.
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