Chinese State Media Keeps Surprising With Bitcoin ‘Outshining’ Gold Prediction

Bitcoin China Media
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Tim Alper
Author Categories
About Author

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...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Internet observers have expressed surprise after the Chinese state-run media outlet CCTV carried some bold predictions about bitcoin (BTC)’s long-term future – and featuring a forecast that BTC fever may apply downward pressure on gold.

Source: Adobe/rosinka79

CCTV is one of China’s leading, state-operated broadcasters, with a daily readership and viewership in the millions. Since the crypto crackdown of September 2017, BTC and altcoins have been strictly off the agenda for CCTV and the like – mostly featuring in reports about scams and articles that seek to point out the differences between blockchain technology (which Beijing champions) and crypto (which it vilifies).

But internet users have taken cheer after a report from China Securities was picked up by the CCTV news platform featuring the bold prediction that BTC was beginning to “outshine” gold.

Qiao Wang of the DeFi Alliance accelerator wrote on Twitter,

“Chinese state media is saying the BTC bull market may cause long-term downward pressure on gold. This is just incredible.”

Marc van der Chijs, entrepreneur, crypto-focused venture capitalist, and co-founder of VC firm First Block Capital, opined that the news, if true, was another sign of “a huge bull market,” adding that it was “too bad Chinese can only” trade BTC on over-the-counter (OTC) platforms, as crypto exchanges are banned in the Middle Kingdom.

However, before BTC fans start uncorking the champagne, it may be worth remembering that the report was actually a repost of an article authored by China Securities, a financial media outlet with considerably more independence than CCTV.

And the article in question was not really about BTC at all. It was about gold prices, and the only reference to BTC was in a single paragraph containing thoughts from the London-based JPMorgan Chase Managing Director Nikolaos Panigirtzoglou about the long-term factors that might influence gold prices.

But China-based Sino Global Capital chief Matthew Graham took to Twitter to write that the news was nonetheless significant.

This may well be the case – as earlier this month, the People’s Daily, China’s biggest state-run newspaper, carried an in-depth explanation about how BTC’s price had been rising, what factors might have caused the price surge…and eventually concluding that bitcoin investment was nonetheless dangerous.

Although the People’s Daily article was in fact another repost, this time of an Economic Information Daily report, also from December 3, it is still relatively rare for BTC to be given so many column inches in a Beijing mouthpiece.

At pixel time (10:20 UTC), BTC trades at USD 19,193 and is almost unchanged in a day and a week. The price is up by 21% in a month and 168% in a year.

____
Learn more:
Chinese State Media Outlets Surprise With Pro-Crypto Reports
Chinese State Media: Ignore Bitcoin Hype, Stay on the Blockchain Path
It’s Official: China’s Digital Yuan To Target US Dollar Dominance
Morgan Stanley Exec Says Bitcoin is Coming for the US Dollar
Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Chainlink Price Predictions for 2021

More Articles

Bitcoin News
Poland’s Central Bank Rejects Bitcoin for Reserves, Citing Security Concerns: Report
Hassan Shittu
Hassan Shittu
2025-02-07 19:51:20
Altcoin News
Ethereum Price Stagnation Conditions, When Is a Pump Coming?
Joel Frank
Joel Frank
2025-02-07 19:22:39
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors