Bitcoin Broadcast On State TV: Is China Fueling The Next Mega Bull Run?

Binance CEO Changpeng Zhao has drawn attention to a broadcast segment discussing cryptocurrencies, complete with the Bitcoin BTC/USD logo, on the state-run China Central Television.

"This event is significant," he said. "Historically, broadcasts like these have been precursors to bullish market trends. However, this isn't a prediction for the future or financial advice."

The segment included a glimpse of what looked to be a Bitcoin ATM situated in Hong Kong, boasting a large, striking blue logo and a conspicuous "Buy Bitcoins" option.

The program, which aired on Tuesday, also touched upon non-fungible tokens (NFTs) and took a closer look at Hong Kong's licensing framework for virtual asset trading platforms, despite China's ban on cryptocurrency use in 2021.

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In parallel developments, Nanjing, the capital of China’s Jiangsu province in the east, celebrated the launch of the China Metaverse Technology and Application Innovation Platform on Monday. 

The goal of this platform is to stimulate nationwide metaverse R&D initiatives.

Spearheaded by the Nanjing University of Information Science and Technology (NUIST), this government-backed entity consists of founding members from a wide array of academic institutions and companies involved in the metaverse across China.

The ambition of the platform is to amalgamate the resources of educational establishments and businesses in China, thereby intensifying research efforts in areas related to the metaverse, a term denoting a virtual universe or an aggregated virtual space incorporating all virtual worlds and augmented reality and virtual reality experiences.

With various Chinese cities vying for a leading role in the country's metaverse development, Nanjing unveiled its strategic plan for the metaverse in February 2023.

The plan intends to cultivate a booming industry, projected to generate annual revenues exceeding 135 billion yuan ($19.13 billion) by the end of 2025.

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