China's Crypto Coverage a Catalyst for Bull Market, Says Binance CEO
Binance CEO Changpeng Zhao (CZ) recently tweeted that China Central Television (CCTV) had put out a broadcast related to digital assets, suggesting that this could be a catalyst for a crypto bull market. CZ claimed that similar coverage has sparked previous bull runs and linked to the broadcast, which aired on May 23 and included a 98-second segment about Hong Kong regulators implementing a mandatory licensing system for virtual asset trading platforms beginning June 1.
This news was not entirely positive for the industry, with the Hong Kong regulator’s guidelines including rules against incentivizing retail trading through stablecoins and others explicitly banning crypto “gifts” (likely including airdrops). Nevertheless, CZ viewed the act of broadcasting crypto alone as a massively bullish development, calling it a “big deal.”
The CEO clarified that his tweet was not “financial advice,” and that the past does not predict the future. However, he agreed with a commenter that a bull market effectively can’t happen without Chinese people being involved.
It is worth noting that Mainland China has banned crypto altogether, but Hong Kong has chosen to press on with ambitions to become a regional crypto hub. Even after China’s ban, a sizable portion of Bitcoin mining activity still continues to flourish in the region.