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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