Changpeng Zhao Sees Signs of a Bull Market Thanks to Chinese Television

A cryptocurrency-related report on China Central Television (CCTV) sparked chatter in local communities, noted Binance CEO Changpeng Zhao.

CCTV (China Central Television) just broadcasted crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.

Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93

— CZ ? Binance (@cz_binance) May 24, 2023

“This is very important. Chinese-speaking communities are buzzing. Historically, similar stories led to bull rallies,” said the entrepreneur.

In the report, to which Zhao shared a link, the discussion was about licensing platforms for trading digital assets in Hong Kong. In the video montage, journalists showed a device resembling a Bitcoin ATM bearing the logo of the first cryptocurrency and an option to buy it in the menu. In other places the acronym NFT flashed again along with the symbol of the first cryptocurrency.

“Chinese participation does not necessarily mean a bull market, but it is certainly not bullish without them,” commented one of the users.

Zhao replied to the remark that “you can’t argue with that.”

can’t argue with that.

— CZ ? Binance (@cz_binance) May 24, 2023

Journalist Colin Wu noted that CCTV has not been the first to mention cryptocurrency in its reports. He also believes that it remains difficult to assess how Hong Kong’s digital-asset policy might affect the country as a whole.

CCTV has often reported on Crypto, and this is not the first time. The impact of HK’s compliance policy is currently uncertain. Binance, for example, is blocking more and more functions for Hong Kong users. https://t.co/hhZpGxHzdY

— Wu Blockchain (@WuBlockchain) May 24, 2023

Back in September 2021, the People’s Bank of China, in a joint statement with nine state authorities, classified cryptocurrency operations as illegal financial activity. In February 2022, Chinatightened criminal liability for illicit fundraising in digital assets.

Against this backdrop, the Hong Kong Special Administrative Region authorities announced in January 2023 a readiness to welcome cryptocurrency companies from around the world. The jurisdiction introduced a licensing regime for the industry.

China Pacific Insurance’s chief Shan Zhong believes that Beijing has not changed its stance on cryptocurrencies, despite their adoption in Hong Kong. Meanwhile the firm has launched two investment funds in the region focused on digital assets.

According to former BitMEX CEO Arthur Hayes, China intends to return to the digital assets industry via Hong Kong.

Bloomberg reports that the Chinese government is quietly backing the jurisdiction in its bid to become a crypto hub.