Users of social media platforms like X and Instagram are accustomed to seeing crypto millionaires from around the world flaunting their extravagant lifestyles. However, one notable absence from the gaudy feed of crypto influencers is China. The country’s internet regulator has recently taken steps to enforce communist culture by banning extravagant displays of wealth on social media platforms.
The Cyberspace Administration of China made headlines by deleting the social media accounts of several popular celebrities, including Wang Hongquanxing, known as ‘China’s Kim Kardashian,’ who had a following of 4.3 million. The accounts were taken down for violating self-discipline, as stated by an inaccessibility notice displayed on the profiles. The crackdown was justified by the state-controlled Beijing News, claiming that the spread of materialism could negatively impact teenagers and, therefore, the trend of showcasing luxury online needed to be stopped.
According to reports from state-controlled publications, popular Chinese social media platforms like Douyin and Xiaohongshu have removed thousands of posts and accounts that flaunted wealth. Douyin reportedly deleted over 4,700 posts boasting about riches, while Xiaohongshu removed over 380 accounts. This crackdown on online displays of luxury is part of China’s broader effort to control the narrative and influence the content shared on social media platforms.
Censored Crypto Millionaires in China
For crypto millionaires in China, the social media landscape looks vastly different compared to their counterparts in other parts of the world. Many leaders in the crypto industry have followed the principles outlined in the book “48 Laws of Power” to attract attention to their projects. This charismatic leadership often involves showcasing wealth through jewelry, claiming self-made success, and urging followers to make sacrifices to achieve prosperity.
In the realm of crypto wealth, owning a Lamborghini is considered a quintessential status symbol, with prices for new models exceeding $200,000. Since 2018, crypto millionaires globally have flaunted their luxury cars, expensive watches, and designer clothing in lifestyle videos shared online. However, the strict regulations in China, which prohibit flaunting jewelry and designer items online, have forced most Chinese crypto leaders to maintain a low profile or reside outside the mainland.
Prominent figures in the crypto industry, such as Binance’s Changpeng Zhao, Tron’s Justin Sun, and Himalaya Coin’s Guo Wengui, have either relocated abroad or kept their extravagant displays of wealth offline. Zhao, for example, faced criticism for downplaying his wealth on social media, despite his substantial net worth. On the other hand, Sun embraced opulence, showcasing his lavish lifestyle once he moved overseas, including extravagant purchases like a rocketship ticket to space and a dinner with Warren Buffett.
Bought Bitcoin Below $10 But Keeping It Cool Online
While some crypto millionaires in China have chosen to maintain a discreet online presence, others have been more transparent about their wealth. Bobby Lee, the co-founder of BTC China (now BTCC), has been buying Bitcoin since 2011 when its value was below $10. Despite his early investment and success in the crypto industry, Lee has managed to balance his online presence with modesty, especially while behind the Great Firewall of China.
Yi He, who oversees billions of assets for Binance, also maintains a low profile on social media, despite her significant role in managing the exchange’s funds. The crypto wealth in China remains largely obscured, as the country’s regulations against ostentatious displays of wealth limit the visibility of riches within the industry. Chinese investors have historically played a significant role in the crypto market, dominating areas like Bitcoin mining and participating in lucrative ICOs that have yielded substantial returns.
Despite the challenges posed by China’s strict regulations, local residents have a deeper understanding of the true extent of crypto wealth within the country. The measures implemented by the Cyberspace Administration have effectively curtailed ostentatious displays of wealth online, creating a more subdued environment for crypto millionaires in China to navigate. As the global crypto industry continues to evolve, the dynamics of wealth and influence in China’s crypto community will undoubtedly remain a topic of interest and discussion both domestically and internationally.
