China’s new president has brought Bitcoin into the spotlight after replacing the country’s central bank governor
Pan Gongsheng’s comments on Bitcoin gained prominence when he was named governor of the People’s Bank of China.
Gongsheng’s 2017 comments regarding Bitcoin (BTC) were spotlighted due to this new development. “Sit down by the river and watch; one day, Bitcoin’s corpse will float before you,” he predicted the cryptocurrency’s demise in 2017.
In addition, Gongsheng made the following remarks on Bitcoin at the time: “Wild speculation has many forms, and the Bitcoin bubble is simply the most recent one. Financial markets have sometimes been struck by wild speculations like the ‘tulip craze’ of 1637 and the ‘Internet bubble’ of 2000. The theoretical tidal wave is impossible to foretell. Neither the time required nor the location of the peak is known to him.”
However, it is crucial to remember that many prominent persons who formerly had unfavourable views about Bitcoin now have positive views. As a result, many modern listeners may find their early BTC-era claims baffling.
The worst instance is when Michael Saylor tweeted in 2013 that Bitcoin’s (BTC) time was up and likened it to the online gambling industry. Saylor is recognised as a leading advocate for Bitcoin, and MicroStrategy stores billions of dollars worth of BTC.