In a rare occurrence, numerous Chinese State media outlets published news hailing cryptocurrencies as the best performing asset of 2020. The coordinated media push comes amid efforts by the Peoples Bank of China (PBoC) to release its central bank digital currency (CBDC).
Chinese Media Wax Lyrical About Crypto Investment Viability
Tweeting on Friday (September 25, 2020), Primitive Ventures founder Dovey Wan screenshots of news publications from various Chinese media agencies dedicated to cryptocurrencies. These publications cut across print, TV, and online blogs.
Hmm this is an interesting propaganda vibe from CCPs official media outlets as 参考消息, Xinhua and CCTV2
the headline cryptoasset is the best performing asset YTD was featured on all avenues, news paper, online media and TV
Its rare for such a coordinated effort pic.twitter.com/2g6VDsV5SE
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) September 25, 2020
According to Wan, media houses like CCTV and Xinhua produced news content praising cryptos as the best-performing asset year-to-date (YTD). Indeed, cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK) have seen massive price gains since the start of the year.
Many crypto tokens have even recovered from the Black Thursday crash of March 12 which affected the broader financial arena. The coronavirus pandemic and efforts by various governments to provide economic stimulus package via an influx of cash into the economy has also seen more investors choose assets like Bitcoin as a hedge against uncertainties.
In the U.S., the first round of stimulus checks sent in April also provided fresh investment capital for people to stack sats. As reported by BTCManager, a sizable number of people used their $1,200 stimulus checks to buy Bitcoin. To put the massive gains offered by crypto in 2020 into perspective, BTC purchased with the $1,200 stimulus checks in April is now worth over $1,800.