Bitcoin ETF Ads Appear on Alipay, Sparking Interest Among Chinese Users
Key Highlights
- Mainland Chinese users of Alipay, China’s largest payment platform, have reported seeing ads promoting indirect exposure to U.S. spot Bitcoin ETFs and Coinbase.
- Ads allow users to invest up to 1,000 yuan ($137) daily, with a minimum investment of 10 yuan ($1.40).
- Alipay previously banned Bitcoin-related transactions in 2019 but appears to feature crypto-related advertisements through third parties.
Alipay Users Spot Bitcoin ETF Ads
Promotional ads promoting cryptocurrency investments recently appeared on the Alipay app, according to reports by local news outlets and market observers like Colin Wu. Users in mainland China encountered ads referencing a fund indirectly tied to Coinbase stock and the ARK 21Shares Bitcoin ETF.
The ads highlighted the potential of crypto investments with messages like:
“Global investment, cryptocurrency soaring, 10 yuan minimum investment, get on board now.”
The fund, named Huabao Overseas Technology C (QDII-FOF-LOF), offers limited daily purchases of up to 1,000 yuan ($137).
Mixed Reactions from Users and Analysts
Some users speculated that this could pave the way for Bitcoin purchases via Alipay, while others pointed to loopholes that allowed third-party advertisers to display such content. Yifan He, CEO of Red Date Technology, noted that these ads might not reflect an official Ant Group endorsement but instead exploit advertising gaps.
A Shift in China’s Crypto Stance?
While Alipay banned Bitcoin-related transactions in 2019, the platform’s recent ad activity has raised questions about a potential shift in attitudes. The Chinese government, despite banning crypto exchanges in 2017 and cracking down on crypto in 2021, still recognizes digital assets as protected legal property.
However, analysts suggest this doesn’t indicate a change in China’s crypto policies. Instead, the ads are seen as temporary anomalies.
Broader Implications
The appearance of crypto-related ads on Alipay, even indirectly, comes amid a bullish crypto market. With Bitcoin trading above $100K, renewed speculation about China’s possible crypto re-engagement has surfaced, though skepticism remains.
The ads highlight ongoing global interest in digital assets, even in regions with historically restrictive policies. Whether this marks a lasting change or a fleeting anomaly remains to be seen.
