Bitcoin’s incredible move set a new record high of $23,800, enough to prove its ardent supporters and silence some critics.
However, according to a survey by Beijing Caijing magazine on the Weibo social media platform, Bitcoin is still a scam for most Chinese. Kevin Feng, Chief Operating Officer of the VeChain Foundation, announced this recently.
Despite the brilliant achievements, the vast majority of those who voted (60%) are unwilling to touch Bitcoin with a 10-foot rod.
The Chinese government could be the reason for a low vote in the Bitcoin poll
Since the inception of the cryptocurrency, China has had tensions with Bitcoin.
The irony is that, seven years after the Chinese government notoriously banned payment companies from engaging in cryptocurrency exchanges, Bitcoin topped $20,000 for the first time among all major exchanges. The news became one of the first building blocks to Fear, Uncertainty, and Doubt (FUD) in the Great Wall-fueled crypto market.
As early as September 2017, after China finally banned the exchange of cryptocurrencies, Bitcoin finally corrected more than 36%.
At the same time, China has a huge impact on Bitcoin as its miner’s control over 65% of its hash rate. This fact is often mentioned by critics of the cryptocurrency.
The Chinese central bank is testing its own centralized cryptocurrency, DCEP, which many believe could challenge the U.S. dollar or even decentralized bitcoin.
Bitcoin draws massive view on China Central Television
Although the government is hostile to Bitcoin, China does not prohibit the use of the cryptocurrency because it acts as a virtual commodity.
In a video clip that Blockstream CSO Samson Mow shared earlier today, China’s Central Television (CGTN) reported on Bitcoin’s all-time high, drawing approximately 1 billion viewers.
The central bank’s “ample supply of money” is believed to be one of the main reasons behind Bitcoin’s renaissance.