Although China still classifies Bitcoin and other cryptocurrencies as illegal, several state-owned media outlets recently appeared to have published reports calling the cryptocurrency the best performing investment asset since the beginning of the year.

Bitcoin and Cryptocurrency on Chinese Media Radar:

Media reports on the Chinese government-owned popular media, including the Xinhua News Agency, came yesterday, praising cryptocurrencies by citing by report From Bloomberg entitled “Cryptocurrency Overtakes Gold as the Most Important Digital Currency for 2020 So Far.”

Xinhua added in its report that cryptocurrencies are decentralized financial instruments And concluded that she became Best performing asset this year.”

It followed exactly that yesterday coverage Another broadcast on China Central Television “CCTV”, which is among the most popular broadcasting services in the country, and through a three-minute video clip, “CCTV” channel talked about cryptocurrencies and emphasized their outstanding performance from a year to the current date, and the video clip focused on Prices increased by 70% this year.

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According For the crypto activist, Dovi Wan, this positive propaganda about digital currencies has spread in all Chinese media, whether online or television, which all mention that digital currencies have outperformed all other investment assets.

CZ, founder of Binance, commented that people may not understand the significance of this coverage, but it is great media coverage.

Wan asked a clever question: What is the real intention behind this move?

After all, cryptocurrencies remain off-limits for official use within the world’s most populous country.

It is speculated that this coverage may have something to do with China’s central bank digital currency, which is said to be under testing.

China behind pumping prices?

Since yesterday, the green color dominated most of the cryptocurrencies, with the total market value increasing by about $20 billion.

From a historical perspective, there is no doubt that news and announcements from China affect the prices of the cryptocurrency market.

As such, it would come as no surprise that the two-day media coverage promoting cryptocurrencies as the top performing cryptocurrency in 2020 has affected the market somewhat.

In late 2019, President Xi Jinping urged the country to speed up blockchain adoption.

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In a few hours after that, cryptocurrencies experienced some of the most exciting price pumps, with Bitcoin alone up 42% in a short period of time.

Less than a month later, state officials made it clear that endorsing blockchain does not imply a positive attitude toward cryptocurrencies.

After reasserting that cryptocurrencies were still illegal, their value plummeted in response.

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