Chinese State-Owned Media Tout Cryptoasset Price Performance YTD in Rare Report

Saturday 26 September 2020, 10:41 PM AEST - 3 weeks ago

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In a rare and coordinated effort, Chinese state-owned media have highlighted cryptocurrencies performance so far this year, pointed out cryptoassets were this years top-performing investment.

The countrys top broadcaster, China Central Television (CCTV), published a three-minute news clip this Friday highlighting cryptoassets soared by 70% so far this year, and added that cryptocurrency has undoubtedly become the top performing investment among various assets.

CCTvs clip was followed by an online article published by the state-owned news agency Xinhua, titled Cryptocurrency is this years No. 1 asset. A similar article appeared on the print version of one of the longest-running state media, Cankaoxiaoxi.

Cankaoxiaoxi is known for selectively translating news reports from foreign sources, including some that are normally blocked by Chinas Great Firewall. Its crypto article was a translation of a Bloomberg article that pointed out via its Bloomberg Galaxy Crypto Index that top cryptocurrencies are outperforming gold so far this year.

The articles and news clip further pointed out that various countries economic stimulus measures and the recent trend behind decentralized finance have helped cryptocurrency prices go up. They also warned retail investors about the risks of investing in crypto.

Hmm this is an interesting propaganda vibe from CCPs official media outlets as 参考消息, Xinhua and CCTV2the 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

The CCTV clip was widely shared on social media by the Chinese cryptocurrency community, with some saying it was a bullish signal as it was an unusual move at odds with Chinas stance that crypto speculation could undermine financial stability.

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