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

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The CGTN interviewee conducted an interview with an assistant director at the Renmin University International Monetary Institute, Qiang. CGTN owns China Central Television in Chinese state media (CCTV). Hailey Lennon, who said she stepped inside her hotel room and played on televisions, uploaded the video of her interview on Twitter Thursday.

 

Qu was asked: ‘What systemic shock will you bring to the current financial system if bitcoin is used widely in China or the rest of the world?’ Qu was asked. Qu. Qu. He answered: He said:

 

“What’s going to happen, I can tell you exactly… We will all die. We will all die. It’s not a joke.”

 

His reply was what he dubbed the ‘worst or most important situation’ if bitcoin became the ‘last sort of currency’ and ‘accepted by all of human societies.’

 

Qu then pointed out, “Bitcoin has a very, very stringent, limited total number, which means it has a currency for deflation,” emphasizing that when human growth increases, it will not expand.

 

He claimed that our civilization would tumble into “a cycle of deflation death” with the introduction of Bitcoin. “The entire of society will shrink and explode itself. That’s what happened when they were short in silver during the end of the Ming dynasty.”

 

Qu got his PhD in Economics, where he is now a professor and doctors’ advisor, from the Renmin University of China. He is the external supervisor at the Beijing Bank and the Chinese Industrial and Commercial Bank (ICBC). He holds many posts, including the director of China Financial Policy Research Centre, which is the Chinese Ministry of Education’s primary research institution for the humanities and social sciences.

 

On Qu’s social media comments Bitcoiners had a field day. Many laughed excessively and some called the whole thing “last FUD” and “state propaganda.”

 

His silver thesis was challenged by several. One person twitched, “The Ming Dynasty failed for various reasons, but the silver spiral of deflation is not one of these,” quoting the book by Richard von Glahn who writes:

 

Many mocked the Ming Dynasty’s wisdom. One user noted that “that could easily be an except funnier SNL [Saturday Night Live] skit.” Another cried out: “The world’s end. Watch out.” A third person stated, “I did not know that the Ming dynasty ended with Bitcoin.” A fourth man chimed, “Imagine whether he had been hodged since the fifteenth century.”

 

One of the users became more serious and wrote: “The Ming … State has issued too much paper money, however, producing hyperinflation.” The British Museum’s history of the globe he quotes as follows: By 1425, just 70th of its initial price was worth of paper money and the usage of paper currency has been suspended in China.”

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