• China’s Central Television (CCTV) has recently broadcasted crypto-related content, which has been well-received by the Chinese community.
• The news about CCTV’s coverage of crypto sparked speculation that a potential bull run could be triggered as a result.
• Despite China’s historically strict policies against cryptocurrency, financial institutions in the region have begun investing in crypto startups through Hong Kong.
China’s Biggest TV Station Promotes Crypto
China Central Television (CCTV), the largest television station in the country, has recently broadcasted crypto-related content, which was well-received by the Chinese community. This development has sparked speculation that a potential bull run could be triggered as a result, despite China’s historically strict policies against cryptocurrency.
Chinese Financial Institutions Investing in Crypto Startups
Despite China having banned Bitcoin and other digital assets, local financial institutions have begun investing in crypto startups in Hong Kong. As China pushes for higher adoption of the Yuan as a global reserve currency, it is also slowly shifting its focus to Bitcoin and other cryptocurrencies. Financial institutions are investing in these startups through Hong Kong due to its expected friendly policies towards cryptocurrencies. Furthermore, it is reported that mainland residents have been using VPNs to access off-shore exchanges like Binance due to increasing demand for digital assets among them.
Binance CEO’s Thoughts on CCTV Coverage
Binance CEO Changpeng Zhao (CZ) highlighted this development when he noted that CCTV had just began broadcasting about cryptocurrency and commented that this was an incredibly big deal for Bitcoin given its massive viewership of over 1 billion people across six languages. CZ further suggested that such coverage had historically led to bull runs and speculated whether price would reach $100K by the end of 2023 or not.
CCTV Removes Video After CZ’s Tweet
Soon after CZ made his comments on Twitter regarding CCTV’s coverage of crypto assets, Chinese reporter Wu Blockchain reported that they had removed the video from their official channel shortly afterwards. Currently, it remains unclear why this move was taken but many speculate it could be related to recent bearish sentiment within the market as total crypto capitalization dropped around 1.7 percent yesterday with Bitcoin dropping below $26K again on Wednesday.
Conclusion
Despite its history of harsh regulations towards cryptocurrency trading within mainland China, recent developments indicate a possible shift in attitude towards digital assets from both state-owned entities and local financial institutions alike – all of which suggests higher adoption levels could be seen soon enough from one of world’s most populous countries!