State-operated Chinese media outlets continue to add cryptocurrencies – specifically bitcoin – to their reporting agenda. Recently, they have been duplicating bitcoin predictions that are surprising in some way to the crypto community due to the number of references on the issue for several months.
China CCTV: Bitcoin Bull Market Could Emit Gold
This time, CCTV, one of the largest state-run broadcasters in China, broadcast predictions on BTC, citing the fact that the bull market could cause long-term downward pressure on gold, by that the crypto hype could “overcome” the metal yellow.
But in reality, this forecast was not made by CCTV. They reiterated an article made by China Securities, a well-known national media outlet, considered one of the most “independent” nationwide.
Moreover, the article itself was not about bitcoin, but gold prices, as BTC’s address was brief while also quoting comments from Nikolaos Panigirtzoglou, Managing Director of JPMorgan Chase.
Responses started appearing on social media, like this one has posted by Matthew Graham, CEO of Sino Global Capital, on CCTV talk about bitcoin:
Either way, the fact that he gets air time on CCTV is quite significant, I’m not sure the origin of the research is so important.
On the other hand, Qiao Wang, a crypto analyst and member of the DeFi Alliance, noted that the mention was “just incredible,” adding:
It’s really amazing if you think about it. A decade ago we started printing a digital ledger that today is still less than 1 terabyte that sucks life out of an element on the fucking periodic table that has existed since the dawn of the universe.
Marc van der Chijs, co-founder of VC First Block Capital, quoted Wang tweeted and highlighted a “huge bull market” revival:
If this is the case it is another sign of a huge bull market: today’s gold market cap is 31 times larger than Bitcoin while BTC’s supply is very limited (900 coins / new day). The price of BTC must explode to meet the additional demand. Too bad Chinese can only buy OTC BTC (not on exchanges).
Recent BTC Ideas in Chinese Media
On December 3, 2020, news.Bitcoin.com reported that Sina and Xinhuanet issued statements concluding that the recent rally in BTC prices has no clear explanation. Instead, they encouraged people to focus on pro-blockchain state policies, rather than bitcoin.
Bitcoin and other cryptocurrency-related topics have been practically marginalized from the Chinese press’s agenda since the country’s crackdown on the industry in 2017.
Why do you think the Chinese government has started allowing the press to publish on bitcoin-related topics? Let us know in the comments section below.
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