- Xinhua, which is a Chinese state-run media agency released a report on Bitcoin and cryptocurrencies.
- It was noted that given the growing global macroeconomic tensions, it could be part of the reason Bitcoin was attracting investors.
A large state-run Chinese media agency, Xinhua News Agency, recently labeled Bitcoin as a safe-haven asset. The company, which is fully controlled by the government, published a financial study to set out to analyze the recent price increase.
The early parts of the report detail the risks associated with the world of cryptocurrencies, detailing that it is still going to take time for this market to gain investor confidence. However, given the growing global macroeconomic tensions; trade war between China and America, highlight some of the reasoning for attracting investors’ attention.
The Chinese State-Run Media Organisation labelled Bitcoin as being a potential “safe haven asset” for some investors.
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