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PBoC Official: “Sitting By The River, One Day You Will See The Body Of Bitcoin Drift Past”

November 2, Beijing-“If bitcoin exchanges were not shut down a few month ago to crack down ICO, and if over 80% of bitcoin trading and ico financing took place in China, can you imagine what would it look like today? Personally, I am a bit scared when flash back.” Pan Gongsheng, Vice President of PBoC, said when asked about bitcoin on a forum held in Beijing.


Pan Gongsheng, Vice President of People’s Bank of China

In mid September, the “Big Three” bitcoin exchanges announced suspension of deposit and withdrawal of crypto assets and fiats. By the end of October, all crypto asset trading platforms ceased operation and many chose to operate overseas. However,  the influence of these exchanges are weakened due to low trading volume.

Pan Gongsheng believed that China’s regulatory measures taken on Bitcoin a few months ago were very decisive and necessary. Such determined measures have helped the government to stay away accusations from the world. He also quoted from Eric Pichet of French KEDGE Business School, The article has been translated and posted on Cankaoxiaoxi, aka Reference News, the official media that posted foreign media news in China.
The article said that:

“The Bitcoin bubble is nothing but one of the latest incarnations of wild speculation.”

Bitcoin bubble is compared with tulip mania in 1637 and internet bubble in 2000.

“Just like Keynes says: ‘ The market can stay irrational longer than you can stay solvent.’ So there’s only one thing that can be done: Sitting by the river, one day you will see the body of Bitcoin drift past you. “

Bitcoin has been announced dead numerous times by people from banking sectors. But the latest comment from Pan has irritated the Chinese community. Wu Jihan, CEO of Bitmain, comments:

“Your mama asks you to go home. There is no point sitting by the river inhaling smogs.”


Wu Jihan’s comment on the news 

Wu is implying that Bitcoin would never die and time shall tell.

Other comments from the audience:

“There are always two kinds of people when the bubble comes: one keeps on saying that the bubble will soon burst, and the other one is willing to swim in the bubble.” The former is getting smarter and smarter and the later is getting richer and richer. Ironically, when the smart people want to get rich, the bubble burst!” –Yuyu 24

“When can we see the body of CNY/real estate.”


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