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China’s state-owned media continues to add cryptocurrencies, especially Bitcoin, to its reporting agenda. Recently, they have been copying Bitcoin’s predictions, which somewhat surprised the crypto community because of the increasing number of mentions of this matter over the months.
This time, CCTV, one of China’s largest state-run broadcasters, broadcast a forecast on BTC, pointing out the fact that the bull market may cause long-term downward pressure on gold, because the hype of cryptocurrency may make “gold” dark metal.
But in fact, this prediction was not made by CCTV. They just copied an article from the well-known Chinese media “China Securities Journal”, which is considered one of the most “independent” institutions in the country.
In addition, this article itself is not about Bitcoin, but about the price of gold, because the BTC reference is brief, and it also quotes the comments of Nikolaos Panigirtzoglou, managing director of JPMorgan Chase.
The reaction began to appear on social media, such as Published Matthew Graham, CEO of China Global Capital, said when he mentioned Bitcoin on CCTV:
Either way, the time spent on CCTV is important, and I am not sure if the origin of the research is so important.
On the other hand, encryption analyst and DeFi Alliance member Wang Qiao statement What was mentioned was “unbelievable” and added:
If you think about it, it’s incredible. Ten years ago, we started printing digital ledgers, and today’s digital ledgers are still less than 1 terabyte, which is depleting the elements of the damn periodic table that has existed since the birth of the universe.
Marc van der Chijs, co-founder of venture capital firm First Block Capital, lead Wang’s tweet pointed to the revival of the “huge bull market”:
If this is true, it is another sign of a huge bull market: the market value of gold today is 31 times that of Bitcoin, while the supply of BTC is extremely limited (900 new coins per day). The price of BTC must explode to accommodate additional demand. Too bad Chinese can only buy BTC OTC (not on exchanges).
On December 3, 2020, news.Bitcoin.com reported that Sina and Xinhuanet had issued a statement and concluded that there was no clear explanation for the recent BTC price increase. Instead, they urge people to focus on national policies that support blockchain, not Bitcoin.
Since the country’s crackdown on the industry in 2017, Bitcoin and other cryptocurrency-related topics have actually been marginalized by the Chinese press.
Why do you think the Chinese government has begun to allow the media to publish news on Bitcoin-related topics? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons