Until Chinese Communist Party bans citizens from holding Bitcoin, the Chinese elite in power will continue to hold, accumulate and FUD bitcoin
Chinese government (CCP) has a history of secretly hoarding an asset while telling the world they don’t want it and everything’s fine:
CCP downplays COVID to hoard supplies
The list goes on.
Since 2009, the CCP would have accumulated hoards of BTC from seizures and confiscation alone, even if there was no deliberate plan to purchase BTC. Governments tend to be diamond hands by default
In 2009, it was easy to acquire 10,000 bitcoins. Worth a few cents back then. Worth half a $billion now (and a $1billion in April 2021)
If the CCP is holding even just one hundred thousand Bitcoin, there is incentive to FUD.
Combined with the fact there has been no law to ban citizens holding Bitcoin. So it’s safe to estimate MANY Chinese oligarchs in positions of CCP power also hold Bitcoin and continue to do so.
Overall, the circumstances suggest the Central Bank FUD is more posturing for the CCP to hoard and control BTC
TLDR: Until Chinese Communist Party bans citizens from holding Bitcoin, the Chinese elite in power will continue to hold, accumulate and FUD bitcoin
submitted by /u/tangerineandteal
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