Binance CEO Changpeng Zhao, popularly known as CZ, has commented that the recent broadcast of a crypto segment on Chinese state broadcaster China Central Television is “a big deal.” He noted that such broadcasts have historically been followed by a bullish rally in crypto prices.
On Wednesday, CZ tweeted that “The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.” He cautioned, however, that his comments did not mean that “past predicts the future,” and added a disclaimer that his remarks did not constitute financial advice.
The broadcast featured a Bitcoin ATM in the increasingly crypto-friendly Hong Kong. It showed a Bitcoin logo and the inscription “Buy Bitcoins” and also included commentary on NFTs.
This comes as Hong Kong announced that retail investors will be able to buy and trade Bitcoin and Ethereum on regulated exchanges from 1 June. Experts hailed Hong Kong’s Securities and Futures Commission (SFC)’s announcement as a potential game changer for crypto adoption.
Despite the positive news, Bitcoin was struggling to stay above the $26,000 mark at 1:50 pm ET on Wednesday, according to data from CoinGecko. The leading cryptocurrency was down 3.2% in the past 24 hours and was trading at around $26,300.