Qu Qiang, a Chinese assistant director, an economist at the International Institute of Renmin University has speculated that “Everyone is going to die” if BTC is widely accepted as a cryptocurrency. He predicts our society going into ‘a devastating loop of deflation, ” pinpointing that “the entire society is going to decline and self-destruct.
We’re All Going to Die if BTC is widely accepted, Speculates Chinese Economist
An assistant director at the International Monetary Institute of Renmin University named Qu Qiang got interviewed on CGTN concerning Bitcoin. CGTN is managed by CCTV (the Chinese state media China Central Television). The video of Qu Qiang’s interview was published on Twitter Thursday by Hailey Lennon that stated she went into her hotel room and the interview was live on TV.
The economist was asked, “Can you detail the worst that is likely to happen, what type of intense shock will it create in today’s financial system if BTC is well used in China or other parts of the World?” Qu Qiang replied:
“I can tell you exactly what is going to happen… We’re all going to die. This is not a joke. “
His response was what he depicted “The worst that could happen or the must case scenario” that will occur if BTC were to emerge “the supreme kind of crypto” and accepted by everyone in the society.”
He then noted that BTC has a dastardly strict, limited quantity, which infers that it is a deflationary cryptocurrency,” pointing that it will not increase the number as the human population grows.
Later on, he started that with Bitcoin acceptance, our society will go into “a devastating spiral of deflation”. Qu Qiang explained: “Our entire society is going to deflate and self-destruct. Something like this occurred towards the end of the Ming dynasty when the supply of silver was short.”
Qu Quang completed his program and bagged a doctorate in Economics from the Renmin University of China, where he is now a doctoral advisor and a professor. He now works as the external supervisor of the Bank of Beijing & (ICBC) the Industrial and Commercial Bank of China. Aside from other positions he is the director of the China Financial Policy Research Centre, a major research center of humanities & social sciences of China’s Ministry of Education.
Bitcoin owners had a lot to say on Qu’s comments over social media. The majority simply laughed to their fill, with a few saying the whole thing is a “supreme FUD” and “state-commissioned nonsensical propaganda.”
Some rejected his silver theory. Someone tweeted: “Ming dynasty went down for several reasons but a deflationary silver spiral is not one of the cause,” citing writings by Richard von Glahn, who wrote, ” This assumption is premised on a dubious theoretical and empirical basis.”
A lot of people scorned his knowledge about the collapse of the Ming dynasty. Someone suggested: This can simply be a Saturday Night Live (SNL) only that it’s funnier. Another person exclaimed: Beware. End of the World.” A third commenter said, I never knew Bitcoin collapsed the Ming dynasty.” A fourth commenter added, “Think of what would have happened assuming every one of us held Bitcoin since the 15th century.”
One Bitcoiner got more frantic and said that “for the record, he (Qu Qiang) has no idea whatsoever about the Ming Dynasty.” The British Museum history of the World which he wrote is: “The Ming… state printed excess paper money, however, leading to hyperinflation. By 1425, the paper was valued only at 70th of its initial value and the use of paper money in China was brought to a halt.”