In a tweet on Wednesday, Binance CEO Changpeng Zhao (CZ) highlighted the recent broadcast on China Central Television (CCTV) regarding digital assets.
The CEO stated that such coverage has historically acted as a trigger for cryptocurrency bull markets.
- CZ provided A link to the broadcast that aired on May 23, and included a 98-second segment about Hong Kong regulators “implementing a compulsory licensing system for virtual asset trading platforms” starting June 1.
- The news was not entirely positive for the industry, with guidelines from the SFC including rules not encouraging retail trading through stablecoins, and others explicitly cracking down on crypto “gifts” (including airdrops). was banned.
- Still, CZ sees the act of circulating crypto as a massive rapid development, calling it a “big deal.”
- “The Chinese-speaking community is buzzing,” he said. “Historically, this kind of coverage led to bull runs.”
- The CEO clarified that his tweet was not “financial advice” and that the past does not predict the future.
- Mainland China has banned crypto entirely, but Hong Kong has chosen to press on with ambitions to become a regional crypto hub. Even after the Chinese ban, a significant amount of bitcoin mining activity is still flourishing in the region.
- In his answer, CZ Agreed With one commenter saying that a bull market cannot effectively happen without the Chinese people being involved.
- CZ was born in China but has been a Canadian citizen since the age of 12. He has insisted on several occasions that Binance is not a Chinese company.
