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RE: China Central Bank Advisor: "Bitcoin As A Currency Could Collapse Entire Economies"
China definitely has the power to influence it's population, miners make no exception, and as a result, it can influence the entire realm of crypto currencies.
Make no mistake, in one hand they encourage mining, but try to discourage the use of crypto currencies as a way to preserve value or payment method, which makes it a perfectly controllable environment for profits.
It doesn't really matter how they use this power to control, all that matters for China in the end is to make money no matter the costs.
I would think Chinese government values control more than money. They use money to control the Chinese population. As long as Chinese economy is running well , the Chinese people will not ask for political change.
This is how I understand the concept of Mandate from Heaven
https://www.thoughtco.com/the-mandate-of-heaven-195113
As long as the peasants are well fed and taken cared off, they will not revolt against the Emperor
No matter if the Emperor is a tyrant or not.
I believe this influence on Bitcoin by the Chinese government thru preferential treatment of the miners and the large investments of Chinese people , will pay dividends by wresting control of the Global economy from the USD/EURO reserve currencies. Chinese yuan might never become a reserve currency despite all the trade China make. But Bitcoin might become a preferred reserve currency for countries who do not want to be allied to US or Europe
China government are a little bit too late on this even if they win ,bitcoin is already taken over the world.African governments are also starting to take noticed .Nothing will stop bitcoin anymore.
That is also well said
Thanks for sharing your thoughts
Keep it up upvoted and I am your new follower
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