Why Would Bank of China Post About Bitcoin Price, Value?
Though the authenticity of the post has yet to be confirmed, several questions have been raised by an article about Bitcoin which was reportedly published on the website of the Bank of China. Blockstream’s Samson Mow drew the attention of the crypto space to the post via a tweet. He posted the link to the article which got questions about its authenticity raised and whether it has the permission to be published considering China’s official position on cryptocurrencies.
Yesterday the #BankofChina posted up an article about #Bitcoin. They explained how $BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. ? #Bullish pic.twitter.com/GKzj7XJjJa
— Samson Mow (@Excellion) July 27, 2019
An unknown respondent attributes the post to a Chinese securities company while another respondent adds that the biggest shareholder in this said company is owned by Bank of China. The Bank has built up an excellent brand image that is widely recognised within the industry and by its customers since its inception in 1912. It is known as China’s most globalised bank with institutions set up across the Chinese mainland as well as in 57 countries and regions.
So far, no source has either denied or confirm the information on the bank’s website – and it has not been reported hacked – even though it contradicts China’s stance on cryptocurrencies which has always been unclear. The Asian country has banned several crypto-related activities in the past while Chinese courts have ruled in favour of them as recognised by law.
This publication adds to the range of Bitcoin talks going on globally of late. Reports say Huawei’s founder suggested that the Chinese government can issue its own cryptocurrency. This comes as US sanctions are seemingly hitting hard on Iran and the Middle East country chooses to ease up by recognizing Bitcoin mining as an industry within its borders. Recently, the US government started making its view about Bitcoin known following the proposed launch of Facebook’s Libra. The US Treasury Secretary, Steve Mnuchin, says cryptocurrencies like Bitcoin pose national security threat hence their resolve to get them thoroughly investigated.
What could come next?
The veracity of the post is to be determined. In the mean time, it is left to be known why the top cryptocurrency could be generating attention considering it was meant to disrupt the global economy. It’s unknown why the biggest Chinese bank could be explaining Bitcoin on its page and what could possibly come out of it. What comes to mind is that the bank could be making an effort to get more people educated about Bitcoin so they can make the right investment decision. In another instance, an argument could be made that the move is meant to advance the global lead of the technology in China.