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  • China's Newly Appointed Central Bank President Has Some Extreme Views on Bitcoin.

China's Newly Appointed Central Bank President Has Some Extreme Views on Bitcoin.

  • Pan Gongsheng, renowned for his opposition to Bitcoin, has been designated as the fresh president of the People's Bank of China (PBOC).

  • Pan Gongsheng has formerly conveyed his doubts about Bitcoin and digital currencies through his statements.

  • His prior comments involve drawing parallels between Bitcoin and a speculative bubble, as well as proposing the possibility of numerous governments opting for a complete prohibition on Bitcoin.

The People's Bank of China (PBOC) recently announced that Pan Gongsheng, a well-known critic of Bitcoin, will assume the position of president. Throughout his career, Gongsheng has consistently expressed skepticism towards Bitcoin in various interviews and statements.

Gongsheng's anti-Bitcoin stance has sparked concerns among Bitcoin enthusiasts regarding the future of digital currencies. His previous comparisons of Bitcoin to a speculative bubble and his doubts about the security of blockchain technology have added to the apprehension. Moreover, Gongsheng has even suggested that other governments might follow China's example and outright ban Bitcoin.

One particular remark made by Gongsheng that has garnered attention is his analogy of Bitcoin to a floating corpse.

"Sit by the river and wait, and one day the corpse of Bitcoin will float in front of you. You should have serious concerns about Bitcoin. It is a highly technology-dependent tool. Does supply and demand fully explain what drives the Bitcoin market (I hesitate to call it a bubble)? Unlike traditional currencies such as the dollar, euro, or British pound, Bitcoin operates in an area that no one really understands."

These controversial statements have ignited debates about Bitcoin's future and its regulation in the global financial system. While many argue that Bitcoin's decentralized nature and technological progress make it a valuable asset, others share Gongsheng's concerns about its speculative nature and potential risks.

His views come as no surprise. While I've written many articles discussing the limitations of Bitcoin and how it isn't as "decentralized" as many think, it's still way too decentralized for the Chinese government, who we all know, loves centralized power.

The Chinese government sees Bitcoin as a threat, especially as they plan to increase the rollout of their CBDCs in the coming years. These digitized fiat currencies will be in direct competition with the crypto-industry, which is why many governments are enacting stricter policies on crypto.

Beijing vs bitcoin: why China is cracking down on crypto | Financial Times

As Pan Gongsheng assumes his new role as president of PBOC, the cryptocurrency community will closely observe his actions and statements regarding Bitcoin and other cryptocurrencies. The regulatory decisions made by China, under Gongsheng's leadership, will likely have a major influence on the markets.

Pan Gongsheng also has some concerns about Bitcoin that we should consider. He worries that Bitcoin is risky because its value is too volatile, and it doesn't have any real value like traditional money. He even thinks Bitcoin is like a bubble that could burst, causing problems for people who invest in it.

Pan Gongsheng also thinks that more governments might decide to ban Bitcoin completely because they worry about things like illegal activities and how it could affect the stability of their financial systems.

While many may not share his extreme anti-Bitcoin stance, I think it's important to recognize that he is completely right about the fact that governments will move to ban Bitcoin and cryptocurrencies in the coming years. This shouldn't be a surprise to anyone.