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Bank of China sends Bitcoin tumbling

Published

5 years ago

May 19, 2021

The Bank of China has made comments against Bitcoin saying the crypto ‘isn’t real’

Bitcoin has taken another tumble after the People’s Bank of China warned consumers that the digital coin cannot be used as a form of payment

Bitcoin has fallen by a further 5.3 percent, following a week-long slump that was sparked by Elon Musk’s announcement that Tesla would no longer accept the cryptocurrency.

This lastest drop now means the price of a single Bitcoin is at its lowest level since February this year, leaving investors concerned about the coin’s stability.

Ethereum and Dogecoin have also dropped.

Market analysts say these latest comments by the Bank of China are just another indication of Beijing’s tightening grip on the sector.

In a statement, the Bank says “virtual currencies should not and cannot be used in the market because they’re not real currencies”.

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William Howard

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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