• China warned in June 2022 that Bitcoin (BTC) was ‘heading to zero’, however it has since seen a gain of 36% YoY.
• Despite the Chinese government’s warnings and bans on cryptocurrency exchanges, Bitcoin continued to hit its all-time highs and currently sits at $28,852.
• Hong Kong is positioning itself as a major crypto hub due to its regulatory lead.

China Warns BTC is ‘Heading to Zero’

The Chinese government issued a warning in June 2022 about Bitcoin (BTC) becoming worthless, projecting that its “original value” would be “utterly worthless”. Despite this claim, BTC has not only maintained but gained around 36% since then.

China’s Regulations on Crypto

In 2017, China banned cryptocurrency exchanges from providing services in the country. However, despite the ban, Bitcoin managed to surge 1,900% up until $20,000 by December 2021. In 2021, the central bank announced yet another ban on crypto activity within the country’s borders. This was followed by an all-time high of $68,000 in November 2021 for BTC.

Bitcoin Price Since Chinese Warning

At the time of writing and twelve months after the article was published by Economic Daily news agency in June 2022; BTC is trading at $28 852 – up around 36%. The original cryptocurrency has experienced ups and downs over the past year; dropping as low as $15 700 in November 2022 before briefly crossing above $30 000 mark in April 2023.

Hong Kong’s Position as Major Crypto Hub

Hong Kong is setting itself up to become an important crypto hub due to its leading regulatory stance on digital assets and cryptocurrencies – unlike China which continues to take stringent measures against crypto activity within its borders.

Conclusion

Despite many warnings from governments across the world about Bitcoin being ‘worthless’, it seems that these predictions have yet again been disproven with BTC managing significant gains even after 12 months since China’s initial warning of it heading towards zero.