Chinese Media Sticks To Its Prediction Of BTC Overperforming Gold

bitcoin-gold

Internet observers were surprised when the state media in China, CCTV, made claims concerning the long-term future of Bitcoin – and predicted that Bitcoin might exert downward pressure on the precious metal.

CCTV is one of the top state-run Chinese media, with their audience being counted in millions. After the cryptocurrency campaign in 2017, Bitcoin and altcoins have been off the radar for the channel – mainly mentioned in stories about fraud and articles that aim to point out the gaps between BTC tech (which Beijing promotes) and cryptocurrencies (which it opposes).

But Internet users were cheering following a story from China Securities broadcasted on the CCTV news platform featuring a bold forecast that BTC was starting to overtake gold.

Some believe that the report, if real, was just a bonus indication of a big bullish marketplace and that it is a pity that people in China can just trade Bitcoin over-the-counter, as cryptocurrencies exchanges are prohibited there.

But before Bitcoin aficionados begin celebrations, we should note that the story was simply a remnant of an article published by China Securities, a financial media source with substantially more independence than CCTV.

And the article at issue wasn’t even about BTC at all, instead, it was about gold prices. The lone reference to Bitcoin was in a paragraph mentioning JPMorgan Chase Managing Director Nikolaos Panigirtzoglou and his views on the long-term factors that could affect the gold price.

But some still believe the news is nevertheless important.

This might be the situation – as recently, the People’s Daily, the largest state-operated newspaper in the country, presented a thorough analysis of how Bitcoin prices were going up, what factors may have triggered the price spike, and ultimately concluded that BTC investment was still risky.

Though the People’s Daily news was actually a repost, now from Economic Information Daily, it’s still pretty uncommon for Bitcoin to be given so much importance from the state.

At 10:20 UTC, Bitcoin traded at $19,193 and changed just a little in a day and a week. Prices grew by 21 percent during one month and 168 percent per annum.