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Chinese State Media: Ignore Bitcoin Hype, Stay on the Blockchain Path

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Blockchain China Media

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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China’s state-run press agency Xinhuanet has published a short piece urging citizens in the country to ignore the hype of surging bitcoin (BTC) prices – and instead keep faith in the state’s pro-blockchain policies.

In the piece, which was carried by media outlets such a Sina, two Tianjin-based Xinhua staff reporters wrote that it was not clear what had caused the recent rise in bitcoin prices – with BTC surging up to near the USD 20,000 level.

However, they referred to BTC prices as “hype,” adding that the risks associated with trading in the token are also rising “sharply.”

And while crypto trading would provide uncertainty, blockchain was on the straight and narrow “right path,” with technological progress and regulatory efforts now taking place in harmony – with results that would be “fully realized in the future.”

Larger state media organs such as Xinhua are typically quiet on the matter of BTC prices in China, where crypto trading and most forms of activity connected with BTC and altcoins have been marginalized since the crypto crackdown of 2017.

The latest report appears to be a repetition of the messaging that has become clear to most China observers for some time: Beijing is happy to develop blockchain-related or even crypto business and finance, but only on the proviso that it can maintain full control over the way the tech is policed and standardized, leaving no place for decentralized crypto in its plans.
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