Chinese State-Run Media Believe BTC Price Surge Is Just ‘Hype’ While Praising Blockchain

Chinese State-Run Media Believe BTC Price Surge Is Just ‘Hype’ While Praising Blockchain

Two Chinese state-run media outlets have published a brief news item urging citizens to focus more on blockchain technology than on the “hype” of the recent surging Bitcoin prices across the board.

China’s Government to Focus on Blockchain

Both Sina and Xinhuanet have stated that the recent rally in BTC prices has no clear explanation. Instead, the reporters behind the article, Mao Zhenhua and Zhang Xiaohui, said people should focus on pro-blockchain state policies.

Within the brief piece, the state-run press agency ensures that people are “gradually seeing the potential of blockchain technology and technological progress and regulatory escort are going hand by hand.” This is in line with the state’s negative stance towards the surge of interest in BTC and altcoins.

The article adds that while crypto trading still represents an investment method that only generates “uncertainty”, blockchain technology is within a “narrow right path,” the results of which will be “fully realized” in the future.

While it is not the first time that larger Chinese state media outlets have referred to BTC prices, they have had a history of staying out of mentioning or reporting on cryptocurrencies within their editorial line.

Bitcoin and other cryptocurrency-related activities have been practically marginalized due to the country’s crackdown on the industry in 2017.

The Chinese government also continues to push its boundaries to make the digital yuan fully a reality, as the People’s Bank of China (PBoC) published a draft law on October 20 that gives legal status to its central digital currency (CBDC).

Interest in Bitcoin skyrockets

Not only have Bitcoin prices reached significant highs this year, very close to the $20,000 threshold, also according to Google Trends, interest in the term “bitcoin” hit an 18-month high. The last time interest touched such level dates back to mid-June 2019, while the all-time high in searches was seen in February 2018.

What are your thoughts on the Chinese state-run media stance on BTC? Let us know in the comments section below.

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