• China’s biggest television station, CCTV, has just begun promoting Bitcoin.
• Binance CEO Changpeng Zhao (CZ) believes this could trigger a massive bull run in the crypto market.
• Chinese financial institutions are already investing in crypto startups through Hong Kong.
China’s Biggest Television Station Promotes Bitcoin
China Central Television (CCTV), the national broadcaster that reports directly to the Chinese Communist Party, has recently began broadcasting about cryptocurrency and its potential impact on the economy. With an audience of over 1 billion people across six languages, this initiative is seen as a major development for the crypto industry as it could lead to wider adoption of digital assets in China and beyond.
Chinese Financial Institutions Investing in Crypto Startups
Despite China’s ban on cryptocurrencies, local financial institutions have been investing in crypto startups located in Hong Kong. This comes as the Chinese government realizes that there is a huge demand for crypto products among mainland citizens who have reportedly been using VPNs to access offshore exchanges like Binance.
Binance CEO Believes Bull Run Is Coming Soon
In response to CCTV’s pro-crypto stance, Binance CEO Changpeng Zhao (CZ) took to Twitter to express his excitement about what this could mean for Bitcoin and other digital currencies. He noted that historically such media coverage often triggers a bull run – suggesting that price of Bitcoin could soon reach $100,000 by year-end.
Crypto Market Experiences Bearish Sentiment
The bullish sentiment from CZ’s tweet follows bearish short-term sentiments experienced by the crypto market recently. According to recent data, total cryptocurrency market capitalization dropped approximately 1.7 percent in the last 24 hours to around $1.10 trillion which was mostly due to fear of Bitcoin dropping below $26k again on Wednesday.
China Removes Video After CZ Tweet
Shortly after CZ took to Twitter expressing his excitement about CCTV broadcasting crypto news, reporter Wu Blockchain noted that CCTV had removed their video covering digital assets after CZ made his comments online – indicating a sour history between China and cryptocurrencies despite having one of most popular exchanges rooted within its borders..