Chinese TV channel reports on cryptocurrencies and Binance CEO responds: “Covers like this led to the running of the bulls”

History shows that China is one of the least friendly countries towards cryptocurrencies. After all, the Asian country has banned Bitcoin and other digital assets several times since 2009.

However, Hong Kong will release cryptocurrency trading from June 1, which could be a breakthrough for Chinese investors to return to the market.

Perhaps even more important than that is the coverage the event receives. As pointed out by Binance CEO Changpeng Zhao, even China Central Television (CCTV), the largest local television network, reported the recent regulatory change.

“CCTV (China Central Television) has just [fazer uma] transmission over cryptocurrencies. This is something big”remarked Zhao. “Chinese-speaking communities are making noise.”

“Historically, coverage like this has led to the running of the bulls.”

How Chinese Media Reacted to the Cryptocurrency Revival News

Despite its hostile history with Bitcoin, China’s state media has been neutral in reporting the return of cryptocurrencies to Hong Kong, not holding back attacks.

“Hong Kong SFC announced today that all preparations for trading virtual assets in Hong Kong have been made in principle”pointed to the report, stressing that the new guidelines will take effect from June 1.

Next, Cai Zhonghui, an employee of the Hong Kong Securities and Futures Commission (SFC), notes that brokerage firms can already apply for licenses, but no firm has been granted permission so far.

Could China’s Return Boost Bitcoin?

Although India’s population has surpassed China’s this year, the country has a population of 1.4 billion under the leadership of Xi Jinping. That is, Hong Kong can facilitate the entry or return of many investors.

In May 2021, the date China banned financial institutions and barred miners, Bitcoin suffered a more than 50% drop, falling from $62,000 to $28,600 in a matter of days.

Later, in September of that year, news of the total ban on cryptocurrency trading in the country rocked the market again. As it recovered over the next few months when it peaked, other non-China news caused Bitcoin’s price to drop again.

Therefore, many believe that Bitcoin has great upside potential as Hong Kong’s doors open to cryptocurrencies. However, we can also expect rigorous industry scrutiny, leaving use cases far from their true peak.

Source: Live Coins

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