A Chinese economist and assistant director of the International Monetary Institute of Renmin University, Qu Qiang predicted that “we are all about to die” if bitcoin is widely adopted as a currency. He predicts our society to fall into a “deflationary death spiral”, noting that “the whole society is going to shrink and self-explode.”
If bitcoin is widely adopted, we are all about to die, predicts Chinese economist
An assistant director at the International Monetary Institute of Renmin University, Qu Qiang was interviewed on CGTN about bitcoin. CGTN is owned by Chinese state media China Central Television (CCTV). The video of his interview was Shared Thursday on Twitter by Hailey Lennon, who said she walked into her hotel room and it was trending on TV.
Qu was asked: “Can you give me a worst-case scenario, what kind of systemic shock it will cause to the current financial system if bitcoin is widely used in China or the rest of the world?” He replied:
I can tell you exactly what is going to happen… we are all about to die. This is not a joke.
His answer was what he called the “worst scenario or urgent scenario”, which would happen when bitcoins would become the “last type of currency” and “adopted by all human society”.
Q then reported that “there is a very, very strict, limited total number of bitcoins, which means that it is a deflationary currency,” noting that it will not expand the amount as human development increases.
As a result, he insisted that with the adoption of bitcoin, our society would fall into a “death spiral of deflation”. He elaborated: “The whole society is about to shrink and self-explode. That’s what happened at the end of the Ming dynasty when they were short of silver.”
Qu graduated and received a doctorate in economics from Renmin University in China, where he is now a professor and doctoral advisor. He currently serves as an external observer to the Bank of Beijing and the Industrial and Commercial Bank of China (ICBC). In several positions, he is the director of the China Financial Policy Research Center, a major research center in the humanities and social sciences of the Chinese Ministry of Education.
Bitcoiners had a field day over Q’s comments on social media. Many laughed excessively, some calling the whole thing “the ultimate FUD” and “state-sanctioned nonsense propaganda”.
Some rejected his silver theory. One person tweeted: “The Ming dynasty collapsed for many reasons, but a deflationary silver spiral is not one of them.” referring to Work by Richard von Glenn, who wrote, “This hypothesis rests on dubious theoretical and empirical grounds.”
Many mocked his knowledge of the fall of the Ming dynasty. One person suggested: “It could easily be an SNL” [Saturday Night Live] Skit except fun. Another said: “End of the world. Beware. “A third person said,” I didn’t know that bitcoin ended the Ming dynasty. “A fourth person shouted,” Imagine if you were stuck since the 15th century. “
One user became more serious and said that “for the record, that” [Qu] Is unaware of the Ming dynasty. “Citing the British Museum History of the world, He wrote: “Ming … the state released too much paper money, however, caused over-inflation. By 1425 paper currency was only seventy-seventh of its original value and the use of paper currency in China was suspended. was given.
What do you think of Qu’s comments on bitcoin? Let us know in the comments section below.
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