As BTC sets historically high prices in the recent boom in investment, the Chinese State run Media group Xinhaunet have recently published a report that urges the people of China to "ignore the hype" and "Stay on the path of its own State Blockchain which it claims will pay off in the longer term and referred to BTC prices as “hype,” adding that the risks associated with trading in the token are also rising “sharply.”
In the piece, which was carried by media outlets such a Sina, two Tianjin-based Xinhua staff reporters wrote that it was not clear what had caused the recent rise in bitcoin prices – with BTC surging up to near the USD 20,000 level.
while crypto trading would provide uncertainty, blockchain was on the straight and narrow “right path,” with technological progress and regulatory efforts now taking place in harmony – with results that would be “fully realized in the future.”
Larger state media organs such as Xinhua are typically quiet on the matter of BTC prices in China, where crypto trading and most forms of activity connected with BTC and altcoins have been marginalized since the crypto crackdown of 2017.
The latest report appears to be a repetition of the messaging that has become clear to most China observers for some time: Beijing is happy to develop blockchain-related or even crypto business and finance, but only on the proviso that it can maintain full control over the way the tech is policed and standardized, leaving no place for decentralized crypto in its plans.
