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Make No Mistake, Crypto is Still Hated by Beijing Despite Bullish Blockchain Pivot

In late-October, Bitcoin incurred an explosive rally that sent its price from lows of $7,300 to highs of over $10,600. This price rally came just hours after the Chinese President made bullish comments on blockchain technology, which generated optimism that these comments would mark the start of a pivot away from the country’s predatory policies on crypto.
In spite of this, a recent segment on a Chinese state-sponsored media channel elucidates that Beijing is still ardently opposed to cryptocurrency, deeming digital assets as unregulated securities, fraudulent investment vehicles, and Ponzi schemes.
Chinese Government Ardently Opposed to Crypto
The bearish comments relating to cryptocurrencies came about during a recent segment on a high-profile Communist Party official channel, in which the President offered a bearish sentiment on digital assets, noting that many may soon be on a crime list.
Dover Wan, founding partner at Primitive and a popular China-focused crypto analyst, spoke about the recent segment on this television channel in a recent tweet, concluding that the government has no intention of embracing crypto anytime soon.
“JUST IN: Today CCTV1 (CCP official channel) featured another investigative work of ‘cryptocurrency’ on 焦点访谈, which I would considered 60 minutes or even higher profile TV program. TL;DR – cryptocurrency is unregistered security, financial fraud and illegal ponzi.” She explained while referencing the video embedded in the below tweet.

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