PBoC Governor Believes Bitcoin Will Die, But Chinese Market Disagrees

[Cordillerabit]

Pan Gongsheng, a deputy governor of the People’s Bank of China, told Sina in an interview that he believes Bitcoin will decline in the long-term.

“As Keynes has taught us, ‘the market can remain irrational longer than you can remain solvent.’ There is only one thing left to do: Sit by the river bank and see Bitcoin’s body pass by one day.”

He further emphasized that the PBoC and local Chinese authorities have made the right decision to suspend cryptocurrency trading. Gongsheng stated:

"If we had not shut down Bitcoin exchanges and cracked down on ICOs several months ago, if China still accounted for more than 80% of the world’s Bitcoin trading and ICO fundraising...what would happen today? Thinking of this question makes me scared.

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