Chinese economist, Qu Qiang has predicted society falling into a deadly spiral of deflation if Bitcoin is globally accepted.
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Qu Qiang, an economist and assistant director at the International Monetary Institute at Renmin University has predicted society falling into “a death spiral of deflation” if Bitcoin is widely accepted as a currency. In an interview with CGTN, Qu was asked about the worst possible scenario for the current financial system if Bitcoin is widely used in China or the world.
I can tell you exactly what’s going to happen … We’re all going to die. This is not a joke.
Qu explained that Bitcoin has a limited total supply. This makes it a deflationary asset whose quantity will not increase with the growth of human development. According to Qu, society is going to self-explode as happened in the Ming Dynasty if Bitcoin is globally embraced.
The whole society is going to shrink and self-e
