DEFIMARKETREGULATION

Major Chinese media outlets are competing to report: Cryptocurrencies are the best-performing asset of 2020.

share
Major Chinese media outlets are competing to report: Cryptocurrencies are the best-performing asset of 2020.

I'm sorry, but it seems like your message is incomplete. Could you please provide more context or content for me to translate?

Cryptocurrency Dominates Chinese Media Headlines

In recent years, the Chinese government has shown great interest in the application of blockchain technology. Chinese President Xi Jinping even called for blockchain to be a key technology for independent innovation and to accelerate the development of blockchain technology and industry innovation at the end of last year. However, despite this, Chinese authorities continue to rigorously control cryptocurrency trading activities in the country, and have issued multiple directives to local governments to abolish the cryptocurrency mining industry. For many, China has been synonymous with being "anti-cryptocurrency." However, this established impression has recently been greatly challenged.

Recently, a financial channel under China Central Television (CCTV), which has hundreds of millions of viewers, conducted a series of discussions on cryptocurrencies. The program not only claimed that cryptocurrency was the best-performing asset in 2020, but also discussed hot topics such as Ethereum (ETH) and Decentralized Finance (DeFi).

The TV reporter attributed the excellent performance of the cryptocurrency market this year to the increasing adoption of DeFi and concerns about inflation caused by the printing of US dollars:

"The main reasons driving the rise in cryptocurrencies are, on the one hand, the so-called DeFi, the acceptance of decentralized finance continues to increase, and cryptocurrencies are an important tool in this regard. On the other hand, due to the epidemic, the massive stimulus measures may stimulate inflation, weaken the US dollar, and supporters believe that major cryptocurrencies such as Bitcoin can provide a hedge."

Although the reporter still expressed high uncertainty about cryptocurrencies in the program, overall, the discussion did not show any clear hostility towards the cryptocurrency industry.

On the other hand, the Chinese state-owned media Xinhua News Agency also referenced a report from Bloomberg titled "Cryptocurrencies Are Beating Gold to Become the Top Asset of 2020" on September 24, which echoed the CCTV report.

CZ: Significance is Significant

Interestingly, when we look back at the recent trend of Bitcoin, we find that Bitcoin rebounded on September 24, breaking the previous downward trend. Many analysts in the cryptocurrency field believe that the entry of Chinese retail investors is crucial for the growth of DeFi and the development of the cryptocurrency market.

Dovey Wan, co-founder of blockchain investment firm Primitive Ventures, stated that this interesting publicity spread across major media outlets, appearing in all newspapers, online media, and television, with consistent messaging that "digital assets outperform all other investment tools."

Binance CEO Changpeng Zhao (CZ) also responded on Twitter, stating that most people do not understand the significance behind these reports.

https://twitter.com/cz_binance/status/1309373959410864129