Pan Gongsheng, a deputy governor of the People’s Bank of China (PBoC) has said Bitcoin (Bitcoin) will end up floating down a river as a dead body, Cryptocoins News reported.
Speaking at a financial forum in Shanghai, he said it is “scary to think about’ where the market would be now if ICOs, Bitcoin transactions, and financing activities were still taking place in China.”
Gongsheng cited a column by economist and professor at the Kedge Business School in France, Éric Pichet in the French national, La Tribune. In it Pichet argues that the cryptocurrency will come to an end from a hack into the blockchain or via a global ban from governments.
Éric Pichet writes: “The first would be the breakout of the century (such as theft by password) or a break-in in the blockchain system that would lead to a flood of fake Bitcoins, and therefore a collapse of prices.”
Citing lines from Pichet, and making referencing to British economist John Maynard Keynes, Gongsheng said:
“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 on the bank of the river to see the body of the Bitcoin pass, a future day.”