China’s New Central Bank Chief Reveals Surprising Stance on Bitcoin

  • Pan Gongsheng, known for his anti-Bitcoin stance, has been appointed as the new president of the People’s Bank of China (PBOC).
  • Pan Gongsheng has previously made statements expressing his skepticism towards Bitcoin and cryptocurrencies.
  • His past remarks include comparing Bitcoin to a speculative bubble and suggesting that more governments may choose to ban Bitcoin entirely.

Pan Gongsheng Appointed as President of PBOC

The People’s Bank of China (PBOC) has announced the appointment of Pan Gongsheng as its new president. Gongsheng is well-known for his critical views on Bitcoin and cryptocurrencies, which he has expressed in various interviews and statements over the years.

Anti-Bitcoin Stance

Pan Gongsheng’s appointment as the president of PBOC has raised concerns among cryptocurrency enthusiasts due to his history of Bitcoin skepticism. In the past, he has compared Bitcoin to a speculative bubble that is bound to burst and has raised concerns about the vulnerability of blockchain technology to attacks.

Furthermore, Gongsheng has suggested that more governments may follow China’s lead and choose to ban Bitcoin entirely. These statements have sparked debates within the cryptocurrency community about the future of Bitcoin and its regulatory landscape.

Controversial Remarks

One of the most notable remarks made by Pan Gongsheng was his analogy of Bitcoin to a floating corpse. In this statement, he expressed his concerns about the unpredictable nature of Bitcoin and its lack of intrinsic value. He argued that while traditional currencies like the dollar or euro serve as stores of value, Bitcoin operates in a realm that is not fully understood by most people.

“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 remarks have fueled the debate about the future of Bitcoin and its role in the global financial system. While some argue that Bitcoin’s decentralized nature and technological advancements make it a valuable asset, others share Gongsheng’s concerns about its speculative nature and potential risks.

As Pan Gongsheng takes on his new role as the president of PBOC, the cryptocurrency community will closely monitor his actions and statements regarding Bitcoin and cryptocurrencies. The regulatory decisions made by China, under Gongsheng’s leadership, could have a significant impact on the future of the cryptocurrency market.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.

Bitcoin Fees Skyrocket, Surpassing Ethereum – Could Ordinals Boost BTC Security?

Discover how Bitcoin fees have soared, the role of Ordinals in this trend, and the potential implications for Bitcoin's security model.

Bitcoin Halving Sparks Market Volatility: Demand Surge Meets Miner Challenges

Discover the key factors driving Bitcoin's trajectory after the halving. Get expert insights into the potential for a supply shock, the role of ETFs, and the challenges faced by miners.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.