Binance CEO Says This Recent Event Might Signal a Bull Market
Binance CEO Changpeng Zhao (CZ) published a tweet on Wednesday noting that China Central Television (CCTV) recently put out a broadcast related to digital assets.
The executive claimed that similar coverage has served as a catalyst for crypto bull runs in the past.
- CZ provided a link to the broadcast which aired on May 23, and included a 98-second segment about Hong Kong regulators “Implementing a mandatory licensing system for virtual asset trading platforms,” beginning June 1.
- The news itself wasn’t entirely positive for the industry, with SFC guidelines including rules not to incentivize retail trading through stablecoins, and others explicitly banning crypto “gifts” (likely including airdrops).
- Nevertheless, CZ viewed the act of broadcasting crypto alone to be a massively bullish development, calling it a “big deal.”
- “The Chinese-speaking communities are buzzing,” he said. “Historically, coverages like these led to bull runs.”
- The CEO clarified that his tweet was not “financial advice,” and that the past does not predict the future.
- Mainland China has banned crypto altogether, but Hong Kong has chosen to press on with ambitions to become a regional crypto hub. Even after China’s ban, a sizable portion of Bitcoin mining activity still continues to flourish in the region.
- In his replies, CZ agreed with a commenter that a bull market effectively can’t happen without Chinese people being involved.
- CZ was born in China, but has been a Canadian citizen since the age of 12. He’s asserted on multiple occasions that Binance is not a Chinese company.
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