Binance Crypto exchange CEO Changpeng Zhao has stated that he believes the cryptocurrency space could see the beginning of a bull run after China Central Television aired a segment on crypto.
The CCTV programming has an audience of over 1 Billion and could spark a bull run according to past examples.
A Rare Segment On Crypto
On the 23rd of May, 2023, the state broadcasting corporation, China Central Television (CCTV), aired a segment discussing the adoption of digital currencies. Reports by the details available, the segment informed that regulatory authorities in Hong Kong have made “final preparations” for trading virtual assets in the special administrative region. Reports by the segment, the regulatory authorities are ready to start accepting applications from virtual investment trading platforms.
During the segment, an official representing the Securities and Futures Commission (SFC), Zhonghui Cai, stated that virtual investment regulation faces plenty of challenges, such as the capacity for conflict of interest betwixt platforms and clients, cybersecurity, and the surety of client assets. It was previously informed that the guidelines in question would become effective by June 2023. Nonetheless, the Securities and Futures Commission has is still to approve any virtual investment trading platform for retail investors.
Could This Signal An Impending Bull Run?
Because of the broadcast of a segment on Chinese Central Television, the larger digital currency ecological system is buzzing with excitement. The broadcast on China’s largest state-run broadcaster caught the attention of cryptocurrency enthusiasts, including Binance Crypto exchange CEO Changpeng Zhao. As a result to the coverage, Zhao took to Twitter to predict that the coverage could lead to a bull run in the cryptocurrency market, going by previous instances. Reports by Zhao, past coverages similar to the one on China Central Television have historically sparked bull runs in the cryptocurrency markets.
“CCTV (China Central Television) just broadcasted cryptocurrency. It’s a big deal. The Chinese-speaking communities are buzzing. Historically, coverages like these led to bull runs. Not saying the past predicts the future. And not financial advice.”
Changpeng Zhao has plenty of reasons to be positive tendency. This bullishness stems from the fact that the coverage and greater exposure to digital currencies could lead to increased interest and greater participation in the cryptocurrency markets. Reports by Zhao, this recent exposure to the cryptocurrency ecological system could act as a catalyst and drive individuals to explore and invest in digital currencies driving up investment prices and increasing market cap. Nonetheless, he also mentioned that he could not predict the future and that people should be careful when investing in crypto.
Broader Implications For Crypto
China Central Television is the largest state broadcaster in China and broadcasts an array of programs that reaches an audience of over one billion. Furthermore, the segment did not air or mention anything negative about digital currencies. This is on the other side with the position and strict controls adopted by Chinese authorities against digital currencies. This includes a complete ban on Bitcoin (BTC) mining and digital currency exchanges operating in China. Nonetheless, ownership of cryptocurrency assets is as of now permitted.
The broadcast could have whole lot of implications for the cryptocurrency industry, both universally and in China. The exposure the segment provides could lead to increased awareness and a broader adoption and use of digital currencies. In addition, institutional investors who were watching Chinese markets and the present regulatory environment could see a ray of hope and gain some level of confidence in the market. This could lead to greater institutional adoption and financial resources to flow into the cryptocurrency ecosystem.
“Unofficial digital currencies do not possess the same legal standing as fiat currencies. Please invest cautiously.”
Disclosure: This post is provided for informational objectives only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.