Binance Crypto exchange CEO Changpeng Zhao (CZ) was released a tweet on Wednesday keeping in mind that China Central Television (CCTV) recently put out a broadcast related to digital assets.
The executive argued that similar coverage has served as a catalyst for cryptocurrency bull runs in the past.
- CZ provided a link to the broadcast which aired on May 23, and included a 98- Second segment about Hong Kong regulatory authorities “Implementing a mandatory licensing system for virtual investment trading platforms,” beginning June 1.
- The latest information itself wasn’t entirely positive for the industry, with SFC guidelines including regulations not to incentivize retail trading through crypto stablecoins, and others explicitly banning cryptocurrency “gifts” (likely including airdrops).
- Nevertheless, CZ viewed the act of broadcasting cryptocurrency alone to be a massively positive tendency development, calling it a “big deal.”
- “The Chinese-speaking communities are buzzing,” he stated. “Historically, coverages like these led to bull runs.”
- The CEO made it clear that his tweet was not “financial advice,” and that the past does not predict the future.
- Mainland China has banned cryptocurrency altogether, but Hong Kong has chosen to press on with ambitions to become a regional cryptocurrency hub. Even after China’s ban, a sizable portion of Bitcoin (BTC) mining activity still persists to flourish in the region.
- In his replies, CZ agreed with a commenter that a bull market effectively can’t happen without Chinese people being involved.
- CZ was born in China, but has been a Canadian citizen since the age of 12. He’s asserted on numerous occasions that Binance Crypto exchange is not a Chinese company.
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