China’s State Outlet Xinhua Exposes Millions to Bitcoin
China doesn’t seem to want the Bitcoin and blockchain gravy down to slow down any time soon. On Sunday afternoon (PST), reports arose on Twitter that Chinese state media had begun to talk up the leading cryptocurrency via an article. While the price of BTC hasn’t reacted to this tidbit of news, this article could have a resounding effect on China’s knowledge of crypto assets in the coming years.
Related Reading: Chinese Bank Invests in Bitcoin Wallet After President Xi’s Remarks: Report
Chinese State Media Talks Up Bitcoin
Monday’s edition of Xinhua — the official state-run publication of the People’s Republic of China — contained an article whose title roughly translates “Bitcoin: The First Successful Application of Blockchain Technology.” While the piece wasn’t all positive, the headline alone may push Chinese investors to take a close look at the cryptocurrency market once again, despite the restrictions put in place.
Chinese state newspaper today (Xinhua)
Bitcoin: The First Successful Application of Blockchain Technologyhttps://t.co/85icR9FcAH pic.twitter.com/8ZOF6UBSzw
— Matthew Graham (@mg0314a) November 11, 2019
The full-page article was shared by Matthew Graham of Sino Global Capital. According to Graham’s digital translator, the piece calls Bitcoin a non-tangible currency and a “currency” in quotation marks — whatever that implies. The Xinhua article also mentioned how blockchain technologies work, including the mining process halvings.
There aren’t any concrete statistics about the readership of Xinhua, but it likely ranges in the dozens of millions.
Not the First Time…
This isn’t the first time Chinese media and large corporations/banks have lauded Bitcoin.
Earlier this year, The Bank of China — decisively not to be confused with China’s central bank, the similarly-named People’s Bank of China — was reported to have published an elaborate article about the many facets of Bitcoin.
Yesterday the #BankofChina posted up an article about #Bitcoin. They explained how $BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen.
#Bullish pic.twitter.com/GKzj7XJjJa
— Samson Mow (@Excellion) July 27, 2019
According to a read and rough translation of the article by Blockstream’s CSO, Samson Mow, the institution — the four biggest state-owned commercial banks in China — mentioned how Bitcoin works, why the price of cryptocurrencies are rising, and why BTC inherently has value.
That was far from the end of it. An infographic contained in the post portrayed key points in the history of the Bitcoin industry; it specifically made mention of the “Bitcoin Pizza Guy” story, Warren Buffett’s scathing remarks about digital assets, the supply limit of BTC, and the price action seen over recent years.
Related Reading: No, China Isn’t Banning Bitcoin Mining: Chinese Crypto Insider
Considering that just a year ago, it was verboten — with reports circulating that cryptocurrencies were somewhat taboo on certain forums — it’s crazy to see how far the Chinese cryptocurrency space has come.
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Nick Chong, Khareem Sudlow