Bitcoin, Cryptocurrency

Crypto advocates were Surprised by News Published from Local Media

Chinese crypto supporters have responded with surprise after several state news outlets reported on a ‘bright-side’ story that explains how cryptoasset has become the most successful asset class in the year to date.

But the story itself is not specifically a pro-crypto piece of publishing from Beijing. It hardly contains a commentary-free report on the contents of a Bloomberg article from earlier this week, describing how crypto is exceeding other asset classes in 2020 – citing bitcoin (BTC) advocates such as Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence.

The Chinese piece, which is basically little more than a Mandarin-language version of the Bloomberg report, does not literally represent to be anything else, can be seen here, published by the Xinhua news agency, via Yicai.

Still, the story itself seems to be relatively commonplace – its distribution has been anything but typical information.

Xinhua is China’s official state-run press agency and answers directly to the Chinese Communist Party (CCP). The story was also reported on news programs aired by CCTV, the state television broadcaster. And it also made the print edition of Cankao Xiaoxi, Xinhua’s newspaper, and one of Beijing’s most notable mouthpieces.

Considering China has maintained a strict policy of promoting blockchain technology while in effect banning crypto usage, the development seems bizarre if nothing else – as pro-crypto news stories rarely make the mainstream agenda in the Middle Kingdom.

Primitive Ventures founder Dovey Wan mused on Twitter,

“This an interesting propaganda vibe from the CCP’s official media outlets… It’s rare for such a coordinated effort.”

Binance chief Changpeng “CZ” Zhao also chimed in, declaring that this was certainly a “big” turn of events from Beijing.

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