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China’s state TV crypto broadcast “big deal”, Binance CEO says

China's state TV crypto broadcast "big deal", Binance CEO says

  • Binance CEO Changpeng Zhao says China’s state TV crypto broadcast is “a big deal.” 
  • He notes that previous coverage has historically been bullish for crypto.
  • His comments come as Bitcoin price struggled to stay above $26k on Wednesday.

Binance CEO Changpeng Zhao, popularly known as CZ, says China broadcasting a crypto segment on state broadcaster China Central Television is “a big deal” and that such broadcasts have previously coincided with a subsequent uptick in crypto prices.

According to CZ, the broadcast has “Chinese speaking communities buzzing,” given how such coverage of Bitcoin have ended with crypto price rallying.

“It’s a big deal. The Chinese speaking communities are buzzing,” he tweeted on Wednesday. “Historically, coverages like these led to bull runs.”

He however, noted that his comments do not mean that the “past predicts the future.” The Binance CEO, who is one of the biggest crypto proponents in the world, added a disclaimer that his remarks did not constitute financial advice.

Bitcoin features in Chinese TV broadcast

The referenced broadcast shows a Bitcoin ATM in the increasingly crypto-friendly Hong Kong. The crypto teller machine also shows a bitcoin logo and a “Buy Bitcoins” inscription. The TV segment also featured commentary on NFTs.

But it should be remembered that China banned bitcoin (again) in 2021.

As highlighted here on Tuesday, Bitcoin price rose briefly to touch the $27,500 resistance area as Hong Kong announced retail investors would from 1 June be able to buy and trade bitcoin and Ethereum on regulated exchanges.

Experts hailed Hong Kong’s Securities and Futures Commission (SFC)’s announcement as a potential game changer for crypto adoption. The framework comes as Hong Kong looks to position itself as a leading crypto and blockchain hub, while at the same time offering guidelines and rules that target greater protection for consumers.

Bitcoin has not had a major reaction to the latest China related news, and was struggling to remain above $26k as at 1:50 pm ET on Wednesday. According to data from CoinGecko, BTC was perched at $26,300, down 3.2% in the past 24 hours. 

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