Beijing News: Vulnerable Monetary System Led to Bitcoin’s Growth
Beijing News, a prominent Chinese mainstream media outlet, stated in a recent coverage of bitcoin that the rapid growth of the digital currency is directly attributable to vulnerable monetary systems which serve the global financial ecosystem as its backbone. Over the past two weeks, bitcoin reached an all-time high price at 8,895 yuan in the Chinese market, surpassing the previous record set in late 2013. However, a sensible statement from the Chinese government and its central bank the People’s Bank of China was misunderstood by the media, leading to a 21% decline in the price of....
Related News
In order to understand Bitcoin’s potential role in the future, we must understand the monetary system of the present.
Understanding the monetary system is foundational to seeing what’s wrong with the current system and to have a true grasp of Bitcoin and its importance.
Beijing subway has officially launched a new program that allows passengers to pay for rides with the central bank digital currency (CBDC) also known as the digital yuan. The news follows the subway system in East China’s Jiangsu province in the city of Suzhou which also allows digital yuan payments for subway fares. Digital Yuan Can Now Be Used to Pay for Fares on China’s Major Public Transport Railways China’s capital of Beijing and the People’s Bank of China (PBOC) has been moving fast in regard to pushing CBDC adoption in the country. There’s been a bunch....
Bitcoin doesn’t care. It continues to develop a monetary, financial, economic, intellectual, and social ecosystem around itself. But a pair of reports in the mainstream media makes Bitcoin look broken. Arguing with the messenger is an option. But the better path is to get on with the hard work of fixing up Bitcoin in perception and reality. Unfair? Perhaps. A Planet Money podcast finding that Bitcoin wouldn’t relay a simple transaction appears to have been conducted on software that didn’t supply the fee required under current conditions. In light of such reports, new users may hesitate to....
Bitcoin’s monetary policy returns Americans to an environment that rewards hard work, incentivizes saving and makes life attainable.