"They told me they wanted the price to go down, Not even Satoshi Nakamoto himself could make the prices go down," BTCC founder Bobby Lee said to the audience of Money 20/20 in Las Vegas.
Recently the Chinese government suddenly became strict with everything Bitcoin/Crypto related. First, they banned ICO's and later extended the ban to Chinese bitcoin exchanges.
Bobby Lee who happens to be one of the founders of BTCC, a Chinese bitcoin exchange which was also ordered by the Chinese government to halt bitcoin exchange services in the Money20/20 USA on Tuesday afternoon revealed the plan of the peoples bank of China towards intentionally crashing the price of bitcoin so as to discourage users and investors.
“Not even Satoshi Nakamoto himself could make the prices go down,” Lee told the audience at Money20/20 USA on Tuesday afternoon.
With the price steadily on the rise, it seems Lee's claim holds truth
Bitcoin’s value doesn’t come from the endorsement, acceptance, or regulation by governments. Instead, BTC value comes from the inherent failures, limitations, and inconveniences of its competitor — the fiat money system.