If Bitcoin Continued To Be Adopted Widespread, Financial System Will Collapse,” Says Chinese Economist

Director of International Monetary Institute of Renmin University (MIRU), China thinks that if Bitcoin continues to be adopted widespread then the financial system will collapse and die.

Qu Qiang is the director of MIRU and specializes in economics as well. He was taken in an interview by a Chinese news agency, CGTN, where he gave his opinion regarding Bitcoin and the crypto industry. A copy of his video was later on published the social media website, Twitter. The person who shared the video was Hailey Lenon. Lenon told that when she was returning to his hotel room, Qiang’s video was playing on the TV. She thought that it was something interesting which she should share with others.

In the interview, the interviewer asked Qiang to share his thoughts about Bitcoin and what impacts it would have on the present financial system. In response, Qiang said that he is certain that the financial system will definitely collapse. He was of the view that if Bitcoin continued to be adopted at the same pace, then it would be the end of the matter. He said that people are trying to making Bitcoin an “ultimate” currency, however, it is definitely not a currency.

Qiang argued that people cannot regard anything as “currency” which has a limited number of supplies. It can only be regarded as a currency that is “deflated”. He argued further that a death spiral will be brought upon society if they continued to encourage Bitcoin through adoption. He then referred Bitcoin to the Silver crisis in the times of the Ming Dynasty.

Qiang is a doctorate in Economics which he completed from MIRU. He is now teaching the same subject as the Professor at MIRU. Apart from teaching, he is also serving at the Bank of Beijing in the capacity of the bank’s external supervisor. Similar services he is rendering to another commercial bank of China namely Commercial Bank of China. He is also part of the leading research center in China which focuses on national fiscal policies. Being a director of China Financial Policy Research Center, he reports directly to the Chinese Government’s Ministries of Sciences and Technology.

When the contents of Qiang’s video were examined by the Bitcoin community, the community-made fun of him. Some of the Bitcoiners denied his argument of the Silver Crisis in the Ming Dynasty. They argued that the fall of the Ming Dynasty was apparently for several other reasons but not due to the Silver Crisis. Some of the viewers mocked his arguments and suggested that Qiang is qualified enough to play a gig in the SNL. One of the Twitter handled made fun of Qiang and said that Bitcoin brought wrath upon the Ming Dynasty.

Qiang may be serious in his argument but to the crypto community, the arguments turned out to be something to laugh at.