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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

CoinShares Exec: China Crypto Plan Could Make Dystopian Future a Reality

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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Bitcoin was designed in the wake of the 2008 global economic crisis as a way to take control over money away from central authorities such as governments, banks, and other traditional systems. The decentralized design could also prevent communist countries like China from establishing control over their citizen’s money.

However, the very technology powering crypto may be arming central authorities with even more control over the population and their money, which CoinShares Chief Strategy Officer Meltem Dimirors says may “slowly” be making her “dystopian nightmares” a “reality.”

Government Control Undermines Crypto’s Original Intention

In a tweet this morning, CoinShares Chief Strategy Officer and Head of Treasury Meltem Demirors shared her fears that recent moves by governments like Venezuela and China, could be bringing her “dystopian nightmares” closer to “reality.”

Related Reading | Venezuelan President Orders Banks to Adopt Petro

Demirors is referencing both Venezuela forcing its citizens to transact with the country’s native, oil-backed cryptocurrency token, and China’s plan to introduce its own digital currency that it will use to monitor and control the usage of its citizens.

China To Eliminate Cash, Control The Public Through Digital Currency

Not only will China begin using their own digital currency, but according to Fan Yifei, the deputy governor of China’s central bank, the People’s Bank of China (PBoC), the new digital currency will also entirely replace cash. Without fiat paper currency Chinese citizens will have every transaction closely monitored and will be subject to the government’s control.

Former PBoC governor Zhou Xiaochuan set the project in motion before retiring earlier this year, as a means to avoid China relying on Bitcoin or other current cryptocurrency protocols. Since then, the PBoC has registered nearly 80 patents related to the native cryptocurrency they are developing.

Related Reading | China Could Destroy Bitcoin to Make an Ideological Statement

Patents suggest that both businesses and individuals alike will have to convert all of their yuan into the new native digital currency using a mobile wallet. Yifei published an article earlier in the year that outlined that banks would be required to submit a daily log of transactions, which would allow the Chinese government to keep tabs on every transaction every individual or business makes, even capping the amount of transactions any individual could make on a given day.

China’s control extends beyond their own native cryptocurrency as the country has outright banned cryptocurrency exchanges, events, and more.

China has even been said to have “strong motive” and “capabilities” to destroy Bitcoin entirely. In a frightening report, researchers from Princeton University and Florida International University called China the “most powerful potential adversary to Bitcoin.”

Since Bitcoin is in “ideological opposition” to China’s communist policy, the country could be motivated to attack it. Worse-yet, much of the Bitcoin network’s hash power is centralized in China due to the abundance of miners there taking advantage of low energy costs.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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