CZ's viewpoint
Binance founder Zhao Changpeng stated at the Bitcoin MENA conference on December 9, 2024, that it is 'inevitable' for China to establish Bitcoin reserves. He believes Bitcoin possesses scarcity and decentralization features, offering a stronger ability to preserve value and serving as an important means to combat inflation and enhance national financial security. Although there is currently no evidence of China hoarding Bitcoin, he believes that once China decides to act, it can implement quickly, potentially first hoarding in secrecy before announcing a strategic plan at an opportune time.
Xinhua News Agency's viewpoint
An article by Xinhua News Agency reporter Su Liang points out that the recent surge in Bitcoin prices reflects the state of the financial ecosystem in the United States. The flaws in its financial system have prompted people to turn to Bitcoin and other means to preserve wealth. However, Bitcoin itself is highly volatile, easily controlled by large capital, and lacks liquidity and utility. Without effective regulation, it poses risks to investors and the global economy.
Comparison of the two viewpoints
- Development direction: CZ believes that China will participate in the development of Bitcoin reserves, while the reports from Xinhua News Agency and the Chinese government's stance clearly indicate a lack of support for the development of Bitcoin and other cryptocurrencies, emphasizing their risks and association with illegal financial activities.
- Basis and focus: CZ values Bitcoin's technological characteristics and economic value, believing it can become a strategic reserve asset for the country. Xinhua News Agency, on the other hand, focuses more on the impact of Bitcoin on financial market stability, investor interest protection, and social order, emphasizing the necessity of regulation from a macro and social stability perspective.
- Impact: CZ's viewpoint has sparked attention and discussion in the cryptocurrency market, gaining acceptance from most market participants and potentially influencing investor expectations and short-term market fluctuations. The viewpoint of Xinhua News Agency represents the official attitude of the Chinese government towards cryptocurrencies, guiding market participants to view cryptocurrencies rationally, prevent financial risks, and maintain financial market stability, although it has evolved from simply labeling them as scams.
