In an out-of-character move, China’s top state-owned TV broadcaster published a piece of writing about how Bitcoin’s price could rise after the Bitcoin halving.

In brief

  • China Central Television published a piece of writing on Sunday about May 12’s Bitcoin halving.
  • State-owned media in China rarely talks about cryptocurrencies—unless to warn people about them.
  • China pushes a “Blockchain not Bitcoin” agenda.

A Chinese state-owned broadcaster published a piece of writing Sunday about Bitcoin’s upcoming halving—a strange move for a rustic whose media has been so bent bashing Bitcoin.

The article, by China Central Television—a state-owned television network in China—spoke of the “skyrocketing [price] of Bitcoin” before the halving and acknowledged that legendary hedge fund manager, Paul Tudor Jones, had proclaimed to his investors the advantages of the cryptocurrency.

The article added that analysts believe the Bitcoin halving, which is forecasted to require place on Tuesday, “will be a positive signal for Bitcoin” and therefore the “price should rise.” It mentioned that the worth of Bitcoin had risen following previous halvings.

This is very strange. The Chinese government, through its state-owned media, has previously called cryptocurrencies an “illegal Ponzi scheme.” the govt has also prevented exchanges from selling Bitcoin within its borders since 2017. Why on Earth wouldn’t it discuss Bitcoin’s price?

The publication of the article was raised on Twitter by “Molly”, who heads marketing at Hong Kong crypto management platform HashKey Hub. She said during a tweet that this was the primary time she had seen Chinese national media talking a few “Bitcoin pump.”

She added (in a since-deleted tweet) that the worth of Bitcoin seemed to go up by 1.5% following the publication of the article—though such speculation is probably better left to the mystics; within the past 24 hours alone, Bitcoin’s price crashed by 15% before making a small recovery.

Blockchain not Bitcoin

Though China might hate cryptocurrencies, it’s embraced blockchain technology wholeheartedly. The president, Xi Jinping, even said during a speech in October 2019 that blockchain is crucial to the event of the country.

The government has started its own state-owned blockchain network (one of the many projects and pilots) and leads global rankings for blockchain patent applications.

And it’s begun the rollout of its own state-rolled digital currency, the DCEP. Bitcoin, a very decentralized cryptocurrency, is clearly on its radar.

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