Chinese Economist Says if Bitcoin Is Widely Adopted: 'We're All Going to Die, This Is Not a Joke'

Chinese Economist Says if Bitcoin Is Widely Adopted: 'We're All Going to Die, This Is Not a Joke'

THELOGICALINDIAN - A Chinese economist and abettor administrator at the International Monetary Institute of Renmin University Qu Qiang has predicted that Were all activity to die if bitcoin becomes broadly adopted as a bill He foresees our association falling into a afterlife circling of anticlimax acquainted that the accomplished association is activity to compress and selfexplode

We’re All Going to Die if Bitcoin Is Widely Adopted, Predicts Chinese Economist

An abettor administrator at the International Monetary Institute of Renmin University, Qu Qiang, was interviewed on CGTN about bitcoin. CGTN is endemic by the Chinese accompaniment media China Central Television (CCTV). The video of his account was shared on Twitter Thursday by Hailey Lennon, who said she absolved into her auberge allowance and it was arena on TV.

Qu was asked: “Can you accord me the affliction scenario, what affectionate of a systemic shock it will accord to the accepted banking arrangement if bitcoin is broadly acclimated in China or the blow of the world?” He replied:

His acknowledgment was what he alleged “The affliction book or the charge scenario” that will appear if bitcoin were to become “the ultimate blazon of currency” and “adopted by all animal society.”

Qu again acicular out that “Bitcoin has a very, actual strict, bound absolute number, which agency this is a anticlimax currency,” acquainted that it will not aggrandize the bulk as animal development grows.

Consequently, he asserted that with bitcoin adoption, our association will abatement into “a afterlife circling of deflation.” He elaborated: “The accomplished association is activity to compress and self-explode. That’s what happened at the end of the Ming absolutism back they were abbreviate on silver.”

Qu accelerating and accustomed his doctorate in economics from Renmin University of China, area he is now a assistant and a doctoral advisor. He currently serves as the alien administrator of the Bank of Beijing and the Industrial and Commercial Bank of China (ICBC). Among abundant positions he is captivation is a administrator of the China Financial Policy Analysis Centre, a key analysis centermost of abstract and amusing sciences of the Chinese Ministry of Education.

Bitcoiners had a acreage day over Qu’s comments on amusing media. Many aloof laughed excessively, with some calling the accomplished affair an “ultimate FUD” and “state-sanctioned babble propaganda.”

Some debunked his argent theory. One being tweeted: “Ming absolutism burst for abounding affidavit but a deflationary argent circling ain’t one of them,” citing assignment by Richard von Glahn, who wrote, “This antecedent rests on arguable abstract and empiric grounds.”

Many mocked his ability of the abatement of the Ming dynasty. One being suggested: “This could calmly be a SNL [Saturday Night Live] absurdity except funnier.” Another exclaimed: “End of the world. Beware.” A third being said, “I didn’t apperceive bitcoin concluded the Ming dynasty.” A fourth being chimed in, “Imagine if we had hodled back the 15th century.”

One user got added austere and declared that “for the record, he [Qu] is clueless about Ming dynasty.” Quoting the British Museum’s history of the world, he wrote: “The Ming … accompaniment issued too abundant cardboard money, however, causing hyper-inflation. By 1425 cardboard money was account alone a seventieth of its aboriginal amount and the use of cardboard bill in China was suspended.”

What do you anticipate about Qu’s comments on bitcoin? Let us apperceive in the comments area below.

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