It seems that the ban on cryptocurrencies from China’s financial market has saved Bitcoin’s dignity
The imperialist neoliberals, corrupt, deceitful and exporters of chaos and misery do not give up on attacking China. They want in every way to inflict loss and damage on worthy Chinese workers. China is still a place that Capitalism can live and pulse without being destroyed by anti-capitalist neoliberals. Who would have guessed? The Chinese Communist Party saved capitalism. Capitalism was rescued by China, where workers work, generate profits for their companies and the controlling shareholders of these profitable companies reinvest the profits in new companies.
The Chinese know that they need to protect the integrity of their financial system to protect their economy and ensure the pace of economic growth they have been maintaining in recent years. Any hurricane, earthquake or tsunami that hits its financial market will affect the reserves of millions of workers and savers.
When Jack Ma, through his AliPay attempted to transform his wallet and digital payment system into his own financing system that could be used to bleed the savings of Chinese citizens, he was immediately invited to follow the Chinese framework. He was abducted and probably ended up in Uncle Xi’s lap, when then he was required to listen to some lessons in wisdom and respect for the Chinese people, who through communist planning allowed Jack Ma to build his gigantic company. Jack Ma had been influenced by the neoliberals of the empire, he was no longer thinking as a Chinese citizen.
The Chinese have always sought to protect themselves from fraudulent schemes and criminal speculation by neoliberal financial institutions. In this way, they saw precisely how a speculative wave of cryptocurrencies could harm their savers and small investors.
Big fluctuations were caused between April and May 2021. Market sharks make sardines buy high and sell low. Always scared small investors stay with the losses. It is clear that a wave of manipulative speculation in the market crammed with cryptocurrencies manipulated by neoliberals and their vulture hedge funds would wreak havoc on Chinese workers’ savings. That is why the Chinese were forced to ban the use of cryptocurrencies in financial transactions that should be made in local currency.
China takes its popular credit system very seriously. The Chinese Government has a social credit system that prioritizes those who engage in its project of economic advancement. Western neoliberals argue that China’s social credit system is an Orwellian system that seeks only state control over its citizens. The neoliberals of this corrupt and decadent western world are only able to develop a credit system that aims to enslave their people through debt. That is why China grows and develops in all sectors, while the countries of the West only increase their debts.
Fortunately, the government of China has taken the right action. It restricted cryptocurrency speculation at the right time, when speculators were already targeting the immense amount of savings in the Chinese population. Those who think this was bad for the cryptocurrency market are completely mistaken. The neoliberal manufacturers of fiat money have entered the cryptocurrency market to corrupt it and speculate with quick and easy profits. They are doing with the cryptocurrency market what they already do with all the markets that have already managed to contaminate themselves with their fraud and manipulation schemes.
Neoliberals are already trying to turn Bitcoin into a derivative, and the countless non-decentralized and completely manipulable cryptocurrencies that are already flooding the market are there to corrupt and undermine Bitcoin, the digital gold, which is the great enemy of fiat money produced by neoliberals.
When the Chinese sent a clear message to neoliberals, clearly saying – “Not here!” – I was particularly relieved and more optimistic about preserving the integrity of Bitcoin. This digital gold is not yet known to all humanity as physical gold is. It is only 12 years old, against 5,000 years of physical gold. Bitcoin does not need big speculative waves to show the world that it has value. Its appreciation is already programmed in its protocol that halves the mining reward every 4 years. A kilogram of Bitcoin is ten times rarer than a kilogram of physical gold. This shows the potential for Bitcoin’s appreciation.
The recent game of manipulation of neoliberals made in the cryptocurrency and gold market has become too visible. They make use of the “frightened sardines” effect to fatten the sharks’ fortunes, and then dump their fiat monies on the gold market to increase the value of their hedge funds because the volume they have invested in gold is huge. Mainly due to the fact that these gold positions are in derivatives, whose volume is vastly greater than their physical gold positions. The great fear of neoliberal sharks is that Bitcoin will overtake gold in Market Cap, which is inevitable.
The brake that the Government of China has put on speculative attacks by cryptocurrencies on its financial market does not mean that the Chinese Government is against Bitcoin. I think that the Chinese Government is against neoliberal speculation, and if we look at the zeal that the Chinese authorities have shown lately, combating all sorts of financial attacks on its population, even punishing a giant Chinese corporation like Alibaba, we can see that the Chinese are attentive to the assaults that neoliberal sharks can commit against their population of workers and savers.
The huge reserves of gold that the Government of China has already accumulated actually belong to the Chinese people. If the Chinese understand the value of physical gold by its scarcity, they also understand the value of Bitcoin because it is much scarcer. I will not be surprised if the Government of China adds digital gold to its physical gold reserves, further strengthening its ability to reestablish the gold standard in global finance.
Digital gold exists to add to physical gold and can reinforce gold reserves by adding more certifiability, more preservability, more transferability and more value to them. Digital gold may also help to eliminate the fraud that they imposed on the physical gold market, when they created derivatives, gold on paper, which today predominates in the gold market.
Digital Gold vs Digital Currency
Both Russia and China are introducing their digital currencies on the financial market that will give these countries and whoever makes use of these currencies the ability to circumvent the sanctions that American imperialists use to commercially punish sovereign countries.
Although Bitcoin is already being used by countries to circumvent sanctions imposed by the Americans, I do not see as a concern of the Chinese the possibility of Bitcoin competing with the Renminbi (Yuan) as an alternative for commercial transactions. The market knows how to distinguish what is national currency and global value reserve, even if these are in digital form, given that today most transactions in currency occur digitally instead of using paper money.
