Chinese state television CCTV touched on the topic of capital outflows from gold ETFs in light of news about the development of COVID-19 vaccines. The segment cited JPMorgan’s report on a shift in institutional investors’ preferences toward Bitcoin.
CCTV’s latest coverage on #BTC https://t.co/KqbBo4bdrx pic.twitter.com/Puw3sC6sGl
— Red Li (@redtheminer) December 13, 2020
In the CCTV study mentioned, JPMorgan is presented with a chart in which the Grayscale Bitcoin Trust outpaces gold-backed ETFs. It also notes that the first cryptocurrency could be viewed as an alternative to a precious metal.
Цяо Ван from DeFi Alliance called the fact of Chinese media coverage of this topic incredible and urged readers to ponder the news itself.
“Bitcoin, created a decade ago, is reclaiming its position from a periodic element of the periodic table known since the dawn of the universe,” he wrote.
In the week from 30 November to 7 December, inflows into crypto-related investment products amounted to $429 million, bringing their total to around $15 billion, according to CoinShares. Over four weeks, outflows from gold-focused funds amounted to $9.2 billion, with 15% of that money ($1.4 billion) directed into Bitcoin purchases.
Earlier in December, Chinese media characterized Bitcoin’s new records as “hype.” In 2017, Chinese authorities imposed bans on Bitcoin exchanges and ICOs.
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