China’s Crypto Narrative Takes a Turn – State-Owned Channel Airs News wFueling Optimism for Bitcoin

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China Central Television, the state-owned media channel, aired a news segment featuring Bitcoin and cryptocurrency, which reportedly sparked optimism among investors. The segment focused on the potential of Bitcoin and blockchain technology, and highlighted the “positive role” of cryptocurrency in the financial market, according to the local news outlet 8BTC. This is a significant change from China’s previous stance on cryptocurrencies, which had been largely unfavorable. The news report comes after President Xi Jinping's public endorsement of blockchain technology, which he described as having "important breakthrough applications." Analysts believe this positive shift in attitude indicates that China is open to exploring the potential of blockchain technology and cryptocurrencies, and could eventually bring about the legalization of Bitcoin and other digital currencies.