Happycoin.club – Social media users are used to seeing crypto millionaires posting photos of their lavish lifestyles. Recently, Chinese authorities have deemed this model of behavior inappropriate.
The country’s Internet regulator has banned the display of wealth on social media, and China’s cyberspace administration has subsequently deleted many of the artists’ accounts. Among them is the “Kim Kardashian of China” Wang Hongquanxing, who has 4.3 million followers. Now his account shows a notice that the content is unavailable due to “violation of self-discipline.”
If materialism starts to spread, it may have a bad effect on teenagers, writes Beijing News. “Therefore, this trend of displaying luxury online must be stopped.
The Chinese version of TikTok Douyin deleted more than 4,700 posts boasting about wealth this month, while the Chinese version of Instagram Xiaohongshu deleted more than 380 accounts this month, according to the Global Times.
The quintessential crypto-wealth status symbol is, of course, the Lamborghini, with the cheapest used models starting at $84,000 New models cost more than $200,000.
Since 2018, crypto millionaires around the world have been flaunting their Lambos, Rolex watches, designer clothes and photos from luxury resorts.
Note that crypto millionaires who maintain ties to mainland China follow a policy of restricting social networks. For example, the co-founder of China (now BTCC) Bobby Lee did not publish any of the above, although he bought Bitcoin since 2011, when it was below $ 10.
Likewise, the mother of Changpeng’s son, Zhao Yi He, who lives in China and manages billions of assets on Binance, has shown herself to be cautious in the public space.
Getting a true picture of China’s crypto wealth is not easy, although investors in the Asian country have always dominated Bitcoin mining, with founders of cryptocurrency projects making six and seven figure profit since their ICOs.
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