We Will All Die If Bitcoin Is Widely Accepted Chinese Economist Predicts

This is not a joke," said expert Qu Qiang of a systemic shock that would hit the current financial system if Bitcoin was widely accepted as a currency.

Qu Qiang, a China economist and assistant director at the Institute of International Monetary Fund of Renmin University in Beijing, in a recent interview on CGTN (China Global Television Network) shared. Share your personal views on bitcoin. CGTN is owned by China Central Television (CCTV).

When asked about the worst-case scenario or whether there would be a systemic shock to the current financial system if the digital currency bitcoin becomes widely used in China or the rest of the world. world no, he replied that:

"I can tell you exactly what's going to happen… We're all going to die. This isn't a joke."

This expert calls this the "worst-case scenario or must-have" if Bitcoin becomes "the ultimate currency" and "accepted by the whole of human society".

“Bitcoin has a very, very limited total amount, which means it is a deflationary currency,” Qu shared, noting that Bitcoin will not expand as humans grow. increasing. Thus, he asserts that with the adoption of Bitcoin, human society will fall into a "death spiral of deflation".

The whole society will shrink and explode on its own. That's what happened at the end of the Ming Dynasty when they ran short of silver," he further explained.

Economist Qu Qiang in an interview on CGTN.

However, after the video of the expert's interview was shared on Twitter, it received mixed responses.

Many bitcoin investors have laughed and criticized this view, some even calling the whole thing the "ultimate FUD" or a "blatant propaganda" view. FUD stands for the first 3 letters of the phrases Fear - Uncertainty - Doubt (Fear, Uncertainty and Doubt), is considered a tactic of spreading fake news that affects perception by creating false information. .

Some people have argued against this view with evidence that: "The Ming dynasty collapsed for many reasons but the deflationary spiral due to lack of silver was not one of them". According to these views, at the time, the Ming issued too many banknotes and caused hyperinflation, but limits on silver were not the root cause. By 1425, paper money was worth only 1/70 of its original value, and its use was discontinued shortly thereafter.

Some joked , "I didn't know Bitcoin ended the Ming Dynasty", or quipped: "Imagine that bitcoin was created in the 15th century, it's scary."

Qu Qiang graduated and received a doctorate in economics from Renmin University of China, where he is currently a professor and PhD advisor. He is also the external supervisor of the Bank of Beijing and the Industrial and Commercial Bank of China (ICBC). Among the many positions he holds is the director of the China Center for Financial Policy Research, a key research center in the social sciences and humanities of the Chinese Ministry of Education.