China warns Bitcoin is heading to zero but BoE looks on the bright side

The Economic Daily report says the west is to blame for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts,” which it said was an “important external factor” which contributes to Bitcoin’s volatility.
“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper:“In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.”
The China isn’t the only one weighing in with predictions about where they see Bitcoin’s price going.
On Monday, founder and CEO of market analysis firm DeMark Analytics Tom DeMark told Marketwatch he believes the crypto market is in line for prolonged price reductions because BTC has fallen below 50% from its November peak of $69,000: “Such breakdowns bespeak a high probability that recovery to the all-time Bitcoin highs will require many years, if not decades, to accomplish.”
The Bank of England (BOE) has begun to see the upside potential of building wealth in the crypto space during a bear market.
“Whatever happens over the next few months to crypto assets, I expect crypto technology and finance to continue. It has the possibility of huge efficiencies and changes in market structure.”