Chinese Internet Celebrity Explains Bitcoin, Blockchain Technology to Over 500,000 Viewers

A Chinese internet celebrity called Li Yongle (李永乐) has recently made a 15-minute long video where he tried to explain to his followers what bitcoin and blockchain technology are. The video reportedly went viral in the country.

According to local news outlet 8BTC, Yongle has over 900,000 followers on a popular Chinese video-sharing platform, 2.8 million followers on the country’s version of Twitter, Weibo, and over 270,000 subscribers on YouTube.

This, as he is a well-known math and physics teacher in China, that helps others understand complex topics by simplifying them. The video of him explaining bitcoin and blockchain technology, which has also been shared on YouTube, is said to have been viewed over half a million times, and racked up over 5,000 comments.

The video went viral, according to 8BTC, thanks to key opinion leaders in the Chinese community, who helped spread the word by retweeting it. Among the 5,000 comments were viewers trying to learn more, asking how they can use bitcoin with their bank accounts, or whether or not mining the cryptocurrency consumes huge amounts of energy.

While the Chinese government has in the past cracked down on cryptocurrencies, state-run publications reportedly often share Li Yongle’s work. Other Chinese celebrities have reportedly already promoted bitcoin and cryptocurrencies on their shows.

Chinese cryptocurrency billionaire Zhao Dong has, back in November of 2018, predicted bitcoin could hit $50,000 within three years. Per his words, the right time to buy bitcoin is during the bear market, as those who “make truckloads of money do not have a very short-term speculative driven investment mindset.”

Notably, China’s central bank, the People’s Bank of China (PBoC), has late last year said security token offerings (STOs) are illegal in the country, reinforcing its attitude towards the nascent sector. Despite the central bank’s attitude, a Chinese court has ruled that cryptocurrencies like bitcoin should be protected by law.

Owning, Occasionally Trading Bitcoin Is Legal in China, Prominent Lawyer Argues

Sa Xiao, a Council Member at the Bank of China Law Research Association, has recently argued that both owning and “occasionally” trading bitcoin in China is legal, as the country’s regulations currently don’t outright ban cryptocurrencies.

Speaking to local news outlet Beijing News, Xiao argued China’s regulations of virtual property include the right to trade as the owner sees fit. The lawyer’s views are in sharp contrast to those revealed by Chinese authorities, who have banned cryptocurrency trading, initial coin offerings, and more.

He noted that while owning cryptocurrencies has never been illegal in the eyes of Chinese authorities, it may be possible to be punished for dealing with cryptocurrencies. Specifically, he noted that running a BTC trading business that leads to client losses may lead to a punishment according to criminal law.

Notably, the Shenzhen Court of International Arbitration has late last year ruled cryptocurrencies like bitcoin should be protected by law as property, in a case that saw two parties dispute cryptocurrency possession at the end of a contract.

Similarly, the Shanghai Hongkou District Court in China recognized cryptos, including ether, should be protected by law, in a case where a defendant refused to return 20 ETH to an ICO investor.

Xiao didn’t specificy what could be seen as “occasional exchange” or more between individuals, nor did he point towards any figures in specific.

Earlier this year, it was reported the Chinese government was looking to ban all cryptocurrency mining in the country, in a move that would severely affect mining firms taking advantage of cheap energy in some of China’s regions.

Local investors’ interest in cryptocurrencies like bitcoin has seemingly been growing, so much so some believe bitcoin’s recent surge to test the $8,000 mark was aided by Chinese buyers. This, as the crypto’s rise coincided with US President Donald Trump announcing tariffs on hundreds of billions of dollars worth of Chinese goods.

Recently Garrick Hileman, a Macroeconomics Researcher at the London School of Economics (LSE) and the head of research at Blockchain.com, noted that the value of the Chinese yuan appears to be inversely correlated to that of bitcoin.