Chinese state media named cryptocurrencies the most successful investment asset of 2020

Several media controlled by the Chinese authorities at one time published reports that cryptocurrencies are the most successful investment this year, writes CoinDesk.

China Central Television (CCTV) aired a three-minute news clip on Friday in which it reported that crypto assets are up 70% since the beginning of the year. “All doubts, cryptocurrencies have become the most profitable investment” among various global assets, says the transfer.

The Xinhua News Agency also published an article titled “Cryptocurrencies Is This Year’s Number One Asset.” The same publication appeared in the print version of the Cankaoxiaoxi newspaper, one of the oldest state-owned media in China. It provides an abridged translation of a Bloomberg article titled “Cryptocurrencies Overtake Gold As 2020’s Leading Asset.” Cankaoxiaoxi occasionally translates foreign publications, including those blocked by the Great Firewall of China.

The CCTV video immediately attracted significant attention from the local crypto community. Many perceived the unusually positive positioning of cryptocurrencies in the state media as a bullish signal, since in most cases the Chinese authorities turn to this topic when they want to talk about threats to financial stability. Users are wondering about the reasons for this coordinated coverage of cryptocurrencies. Usually government-controlled media are used to advance the political agenda.

CCTV cites the Bloomberg index and notes that crypto assets have surpassed gold, which is only 20% higher this year. As the reason for the observed dynamics, the authors of the story pointed to economic stimulus measures in various countries against the backdrop of the coronavirus pandemic and the flourishing of the space of decentralized finance. However, they did not forget to warn retail investors about the risks associated with high volatility of cryptocurrencies..

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