Chinese Economist Predicts If Bitcoin Becomes World Currency

Chinese economists predict if Bitcoin is used as a world currency (Bitcoin News)

JAKARTA - Economist from China, Qu Qiang from the International Monetary Institute of Renmin University expressed his opinion if Bitcoin is used as a world currency. Qiang speculates that “we will all die” if that happens.

Launching Bitcoin News, Qu Qiang conveyed his statement regarding Bitcoin to CGTN, a television channel part of China Central Television (CCTV) which is owned by the government of the Bamboo Curtain country.

When Qu was asked his opinion on the possibility of Bitcoin being widely adopted and made a major currency both in China and around the world.

“I knew exactly what was going to happen… We were all going to die. This is no joke," he said.

“Bitcoin has a very, very, very limited amount, which means it is a deflationary currency,” Qu added.

He also added that the number of Bitcoins would not increase even if the world's population grew. As a result, society will fall into a “deflationary death spiral.”

“The whole society will shrink and explode on its own. That's what happened at the end of the Ming Dynasty when they experienced a silver scarcity,” said Qu.

For information, Qu Qiang received a doctorate in economics from Renmin University of China. Currently, Qu is the external supervisor of the Bank of Beijing as well as the Industrial and Commercial Bank of China (ICBC).

In addition, he also serves as director of the China Financial Policy Research Center. Qu's statement was shared on Twitter by Hailey Lennon.

Walked into my hotel room and this was playing on the tv *Proceeds to scream 😂 pic.twitter.com/6p1XHk0txh

— Hailey Lennon (@HaileyLennonBTC) May 28, 2021

One Twitter user wrote in a serious tone, “For the record, he (Qu) doesn't understand the Ming dynasty. Ming issued too many banknotes, however, causing hyper-inflation.

In 1425, paper money was only worth seventy of its original value and the use of paper currency in China (at that time) was discontinued.”

Other netizens commented on the post in a funny tone. "End of the world, Watch out." Another added, “I didn't know Bitcoin ended the Ming Dynasty.” Another user commented, “Imagine if (Bitcoin) has been hounded since the 15th century.”