China’s official Xinhua news agency in June published an analysis on Bitcoin’s latest price surge, touching on the price of the cryptocurrency and speculating on factors contributing to its bullish run.

As reported by Decrypt, these factors include Facebook’s recently announced blockchain digital currency, Libra. Notably, the analysis also cited Bitcoin as having proven its value as a safe haven, framing it within the context of global markets becoming increasingly volatile as a result of ongoing trade disputes and an expected downturn for the global economy.

A Complicated Relationship with Crypto

The Xinhua publication is especially telling coming from the Chinese government’s media arm, which has in the past been far more dismissive of Bitcoin and cryptocurrencies in general. Xinhua had previously called for greater regulation of digital assets while reporting on state-imposed bans of Bitcoin-related activities.