The CEO of Binance, the world's largest cryptocurrency exchange, announced that China's state television CCTV broadcast an episode on crypto, which caused excitement among the Chinese-speaking crypto communities.
"These Types of Posts Historically Start a Bull Market"
Changpeng Zhao, also known as CZ, said on Wednesday that CCTV is broadcasting crypto, which is a big deal. He added that historically, such media coverage has led to a bull run in the crypto market.
CZ wrote in his statement:
"CCTV (China Central Television) just broadcast crypto. It's a big deal. Chinese-speaking communities are churning. Historically, such broadcasts have led to bull runs. I'm not saying the past predicts the future. Nor is it investment advice."
CZ did not specify what the CCTV program was about.
China has a complex relationship with crypto as it has banned crypto exchanges and initial coin offerings (ICOs) since 2017, but it is also developing its own central bank digital currency (CBDC) and recognizing crypto as a legal property.
*Not investment advice.