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Two Chinese state-run media outlets have released a brief piece of news urging citizens to focus more on blockchain technology than the “hype” of the recent Bitcoin price hike across the board.
The Chinese government will focus on the blockchain
Both Sina and Xinhuanet said the recent BTC price rally 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 short piece, the state news agency ensures that people “are gradually seeing the potential of blockchain technology and technological advancement and regulatory stock are going hand in hand.” This is in line with the state’s negative stance towards rising interest in BTC and altcoins.
The article adds that while crypto trading still represents an investment method that generates only “uncertainty”, blockchain technology is on a “narrow right path”, the results of which will be “fully realized” in the future.
While this isn’t the first time that the largest Chinese state media have referenced BTC prices, they’ve had a history of not mentioning or reporting on cryptocurrencies within their editorial line.
Bitcoin and other cryptocurrency-related businesses have been virtually 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) released a bill on October 20 giving legal status to its central digital currency (CBDC).
Interest in Bitcoin skyrockets
Not only have Bitcoin prices hit significant highs this year, very close to the $ 20,000 mark, even according to Google Trends, interest in the term “bitcoin” hit an 18-month high. The last time that interest reached this level was in mid-June 2019, while the all-time high in searches was recorded in February 2018.
What are your thoughts on the Chinese state media position on BTC? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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