Chinese State Media Surprises With Forecast of Bitcoin Outshining Gold

Chinese state-operated media outlets keep adding cryptocurrencies — specifically bitcoin — on their reporting agenda. Lately, they have been replicating bitcoin predictions that are surprising in some way to the crypto community due to the number of mentions on the matter since several months.

China’s CCTV: Bitcoin’s Bull Market Could Outshine Gold

This time, CCTV, one of the biggest state-run broadcasters in China, broadcast predictions on BTC, which pointed out the fact that the bull market may cause long-term downward pressure on gold, as the crypto hype could “outshine” the yellow metal.

But in reality, this forecast was not made by CCTV. They just replicated an article made by China Securities, a well-known national media outlet, considered one of the most “independent” across the nation.

Moreover, the article itself wasn’t about bitcoin, but gold prices, as BTC’s reference was brief while also quoting comments from Nikolaos Panigirtzoglou, Managing Director of JPMorgan Chase.

Reactions started to appear on social media, such as the one posted by Matthew Graham, CEO of Sino Global Capital, on CCTV’s mention of bitcoin:

Either way, the fact that it’s getting airtime on CCTV is quite significant, I’m not sure the origin of the research is so important.

On the other hand, Qiao Wang, crypto analyst and member of the DeFi Alliance, stated that the mention was “just incredible,” while adding:

It’s truly incredible if you think about it. A decade ago we started printing a digital ledger which today is still less than 1 terabyte that’s sucking the life out of an element on the fucking periodic table that has existed since the dawn of universe.

Marc van der Chijs, co-founder of VC firm First Block Capital, quoted Wang’s tweet and pointed out the resurgence of a “huge bull market”:

If this is true it’s another sign of a huge bull market: gold market cap today is 31 times that of Bitcoin while BTC supply extremely limited (900 new coins/day). BTC price has to explode to accomodate additional demand. Too bad Chinese can only buy BTC OTC (not on exchanges).

Recent BTC Mentions in Chinese Media

On December 3, 2020, news.Bitcoin.com reported that Sina and Xinhuanet published statements concluding that the recent rally in BTC prices has no clear explanation. Instead, they urged people to focus on pro-blockchain state policies, rather than bitcoin.

Bitcoin and other cryptocurrency-related topics have been practically marginalized from the Chinese press agenda since the country’s crackdown on the industry in 2017.