China Central Television (CCTV) has done a remarkable job by reporting that cryptocurrencies, which gained more than 70 percent in 2020, are the best performing assets of the year, surpassing both gold (XAU) and the US stock market. On the other hand, it did not go unnoticed that the leading official media organizations of the country, in addition to CCTV, also praised crypto coins.
Crypto investor and entrepreneur Dovey Wan also tweeted about the praise of CCTV and other media outlets in the country about cryptocurrencies. Wan commented “an interesting propaganda,” adding that other official media outlets in China, including online outlets, are similarly reporting about cryptocurrencies.
Replying to Doney’s tweet, Binance founder CZ stated that this was a huge development for the industry.
What Is China After?
The prominent names from the cryptocurrency community evaluated that these developments in China may stem from the upcoming launch of the central bank-backed digital currency (DCEP), the digital version of the Yuan. It seems that China speaks with many cryptocurrency experts from the US and other countries of the Western world, and is trying to draw particular attention to Bitcoin’s rise in 2020. It is known that in recent months, China has been in close contact with major banks and companies such as Tencent for digital Yuan trials.
Like the Bank of China, the Federal Reserve seems to be interested in Blockchain and crypto, as if following the advice of many finance and cryptocurrency experts, but no concrete moves have been made. Many experts, including Anthony Pompliano of Morgan Creek Digital, argue that China’s launch of a digital Yuan against the US dollar would mean the US losing its leadership in digital finance.