Economist Xie Guozhong: Wall Street traders are making profits through the East Asian Bitcoin market

Xie Guozhong, an economist and former Morgan Stanley managing director, recently said that cryptocurrency will not be recognized as a legitimate currency because the government cannot use it to issue bonds, and its huge volatility may cause such a government to go bankrupt. Only a few exchange operators are expected to make a profit. He also said: "Bitcoin is mainly a gambling tool for Chinese, Koreans and Japanese." Xie Guozhong also said that Facebook's Libra may be detrimental to Bitcoin, as its launch will increase the supply of Bitcoin alternatives. But it also brings a psychological effect that "cryptocurrency is becoming more and more legitimate", attracting people back to the encryption market. He believes that although Bitcoin reached an all-time high of $20,000 in 2018, it is unlikely to exceed this figure in the future, as Wall Street traders will not allow: For US traders whose bitcoin is the main source of income, This 'game' is getting more and more important… they are actually making money from East Asia and will continue the game in this way. East Asia loses about $100 billion a year in gambling, and the encryption market is taking over the business.