The expert says that BTC will disappear in the future, and China is increasing pressure on the crypto market

2 min readJun 22, 2021

Opinion: BTC will disappear in the future

Peter Berezin, the strategist at the consulting company BCA Research, believes that the main crypto coin is fraud. According to the expert, in the future, bitcoin will disappear from the global financial market, when the regulators of most states settle on a unified strategy to regulate the digital asset market.

Berezin noted that BTC does not have a legal status. And although the popularity of crypto coins as a payment tool has grown, there are still too many transactions associated with crime and fraudsters.

“If you look at transactions involving Bitcoin, to this day, the majority continue to finance all sorts of illicit activities. But if you look at how much Bitcoin is used for legitimate business purposes, the answer is very, very little. In fact, some of the data that I showed during this debate with my colleague reveal that fewer transactions for legitimate business purchases are being made now than three years ago,” Berezin said.

China reminded of the ban for financial institutions on operations with bitcoin

Representatives of the People’s Bank of China met with local bankers. According to the requirements of the regulator, Chinese financial institutions are not allowed to take part in transactions with cryptocurrencies.

The NBK believes that speculation in the cryptocurrency industry “disrupts the normal order” in the financial market, creating a threat of money laundering and capital flight abroad. The regulator demanded to suppress such activity in all possible ways.

Against the background of this news, almost all cryptocurrencies from the top 10 according to Coinmarketcap got in the red zone. The bitcoin rate has fallen by almost 7% over the past 24 hours, reaching $30,420.

CNBC host Jim Kramer sold most of his bitcoin assets

Famous TV presenter Jim Cramer said that he got rid of most of his crypto assets. This happened due to the use of digital currencies in ransomware programs and increased pressure from the Chinese authorities on the crypto industry.

“When the PRC [People’s Republic of China] goes after something, they tend to have their way. … It’s not a democracy. It’s a dictatorship. I think that they believe it’s a direct threat to the regime because what it is, is a system that’s outside their control,” Cramer said.

In addition, Cramer expressed the opinion that in the future, the value of BTC will fall. Among the prerequisites for abandoning crypto assets, he also named the risks associated with Tether, ransomware attacks, with the help of which criminals extort a ransom in digital currency, and the prosecution of Chinese miners.