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Chinese Media Praise Blockchain While Criticizing Bitcoin Price Rise

coinputin.com – Chinese media, run by the Chinese state, praise the blockchain, while believing the Bitcoin (BTC) price rise is just “Hype.”

Two Chinese state-run media outlets published a short story urging citizens to focus on blockchain technology, not “exaggerations”of the recently rising Bitcoin prices.

Chinese Government To Focus On Blockchain
Both Sina and Xinhuanet expressed that there is no clear explanation for the recent rise in BTC prices, it is an exaggeration. Instead, the journalists Mao Zhenhua and Zhang Xiaohui, who wrote the article, said people should focus on pro-blockchain state policies.

In brief, the state-run Press Agency noted that “people should slowly see the potential of blockchain technology and that technological progress and regulators should go hand in hand.” These discourses are in line with the state’s negative stance towards increased interest in BTC and altcoins.

The article adds that while crypto trading still represents an investment method that only creates “uncertainty,” the results of blockchain technology are within a “narrow right path” that will “fully happen” in the future.

While this is not the first time media outlets in China have referred to BTC prices, there are trends in avoiding mention of cryptocurrencies in their editorial lines. Bitcoin and other cryptocurrency-related activities have been marginalized in practice because of the country’s pressure on the industry in 2017.

As the people’s Bank of China (PBoC) issued a bill on October 20 granting legal status to the central digital currency (CBDC), the Chinese government continues to push its limits to make the digital yuan fully a reality.

Interest In Bitcoin Soars
This year, Bitcoin prices have not only reached significant levels very close to the $ 20,000 threshold, according to Google Trends. At the same time, interest in the term” Bitcoin ” hit an 18-month high. The February June 2019 record high in searches was seen in February 2018, while the date when interest last touched this level.

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