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What would happen if Bitcoin were widely adopted? Chinese economist: Seriously, we would all die

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What would happen if Bitcoin were widely adopted? Chinese economist: Seriously, we would all die

Bitcoin has died, Bitcoin mining destroys the environment, Bitcoin is a bubble, Bitcoin is rat poison, and other negative comments are no longer enough. In fact, Bitcoin can be a weapon of mass destruction for humanity.

If Bitcoin is widely adopted, we will all die

Hailey Lennon, legal counsel for Coinbase exchange, shared a video clip in a tweet, featuring an excerpt from an interview with Qu Qiang, Assistant Director of the International Monetary Institute at Renmin University of China, on China Global Television Network (CGTV).

When asked by the host about the systemic impact on the current financial system if Bitcoin were widely used in China or other parts of the world, this Chinese economist made a startling statement:

"If Bitcoin becomes the ultimate form of money adopted by humanity and society, I can tell you for sure the worst-case scenario is 'we will all die.' This is not a joke, because Bitcoin has a very strict supply limit, which means it is a deflationary currency that cannot increase with human development. Therefore, society is destined to fall into a death spiral of deflation, much like the fall of the Ming Dynasty due to silver."

In the video, Hailey Lennon can even be heard laughing and expressing surprise at the economist's remarks.

Many in the crypto community commented under this tweet, with most finding the statement laughable, labeling it as "ultimate FUD" and "nonsense authorized by the state." Additionally, some netizens pointed out that Qu Qiang's claim about the fall of the Ming Dynasty due to silver is fundamentally incorrect, citing content from "A Short History of the World" by the British Museum:

"The Ming Dynasty... issued an excessive amount of paper money, leading to severe currency inflation. By 1425, the value of the paper money was only one-seventieth of its original value, prompting China to stop using paper money."

Furthermore, content from Wikipedia shows that the Ming Dynasty actually experienced exacerbated currency inflation due to the issuance of paper money called "Da Ming Baochao" and the prohibition of silver, ultimately having to reintroduce the use of silver.