China State Media Make Rare Reports Calling Crypto 2020's Best Performing Asset

Several Chinese state-owned media companies have made unusual coordinated reports describing cryptocurrencies as the year's top performing investment.

Sep 25, 2020 at 11:03 a.m. UTC

Updated Sep 14, 2021 at 10:00 a.m. UTC

china tv satellite GettyImages-1138074274 — Satellite dish in China

Several Chinese state-owned media have made coordinated reports describing cryptocurrencies as the year's top performing investment.

China Central Television (CCTV), the country's top broadcaster, published a three-minute news clip on Friday that highlighted crypto assets have soared by 70% this year so far.
The report added that "cryptocurrency has undoubtedly become the top performing investment" among various global assets.
CCTV's clip followed the state-owned news agency Xinhua, which published an online article Thursday entitled "Cryptocurrency is this year's 'No. 1 asset.'"
The same article first appeared on the Thursday print version of Cankaoxiaoxi and was a summarized translation of an article from Bloomberg on Tuesday.
Cankaoxiaoxi is one of the longest running state media that selectively translates news reports from foreign sources, including those that are normally blocked by China's Great Firewall.
The CCTV clip immediately drew wide attention from the Chinese crypto community.
Many started sharing the clip on WeChat news feeds as a bullish signal since the unusual neutral-to-positive tone is seemingly at odds with China's stance that crypto speculation could undermine financial stability.
Such a rare and coordinated effort also sparked some to wonder what the real intention and nuance might be, since state-owned media in China typically carry political agendas.
Citing Bloomberg's index, CCTV said the yield of crypto asset has this year surpassed that of gold, which has risen only 20%.
The broadcaster said various countries' economic stimulus plans following the coronavirus pandemic and the recent mania for decentralized finance contributed to the surge of values in cryptocurrencies.
However, it also cautioned that the risks for retail investors still remain high given crypto assets' volatility.

Also read: China Sees Advantages in Being First on New Digital Currency 'Battlefield'

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