Bitcoin Goes Vertical After Chinese President Xi Jinping’s Pro-Blockchain Remarks

October 26, 2019 | Digital Assets, Latest News, News

Bitcoin rallied 16% after Chinese President Xi Jinping called for his country to “seize the opportunity” afforded by blockchain.

Speaking at a Politburo Committee session on blockchain technology trends Thursday, Xi told committee members:  “We must take the blockchain as an important breakthrough for independent innovation of core technologies.” However, his remarks catapulted bitcoin, already at a five-month low, into a sharp rally on Friday. The crypto touched a high of $8,800 before it cooled off and entered a sideways consolidation.

China and the blockchain

The Chinese leader pointed to the vast array of applications possible with blockchain technology. These included financing businesses, to mass transit and poverty alleviation.

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation,” he said.

Xi’s remarks are his first-ever in such detail on the blockchain. However, China banned all cryptocurrencies in 2017, though it is preparing to introduce its digital yuan currency.

Significantly, Xi also propounded  the innovation of “Blockchain+.” It is a technology aimed at the common people’s needs for personal development through education, employment, food, and medical security.

Senior analyst on Xi’s remarks

According to Mati Greenspan, senior market analyst at exchange eToro, Xi’s remarks had fanned bullish sentiment around the crypto industry.

“It’s bullish for the entire crypto industry, in general, when you have the leader of one of the world’s largest economies coming to embrace blockchain technology like this,” Greenspan said. “Bitcoin, as we know, is a central player in the blockchain industry.”

[Related Story:  A Blockchain P2P Lending System at Scale Could Render London Bankers Irrelevant]

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.

Alt Insights

January 16, 2020

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix

Latest Alternative Investment News

Digital Assets: UAE a Flag-bearer for Blockchain Technology Deployment
January 20, 2020     Digital Assets, News

The UAE is a Flag-bearer for Blockchain Technology Deployment. A joint white paper has been issued by the World Economic Forum and the United Arab Emirates’ Centre For The Fourth…

Digital Assets: Bitwise/ETF Trends 2020 Survey – 65% Advisors Want to Buy Bitcoin in an ETF
January 20, 2020     Digital Assets, News

The Bitwise / ETF Trends 2020 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets gives useful insight into what advisors are thinking about Bitcoin and cryptos going into 2020. ETFs…

ESG: Best Buy’s CEO in the Dock for Alleged ‘At-Work’ Liaison
January 20, 2020     ESG and Sustainability, Latest News, News

Current Best Buy CEO Corie Barry allegedly had a romantic relationship with a male colleague before taking charge as CEO in June 2019. Best Buy’s board is investigating the charge,…

Emission-Free Friday: Here are the Latest Funds to Push for Carbon Neutral
January 17, 2020     ESG and Sustainability, Investments, News

Carbon emissions dominated the headlines this week. The European Commission has announced an ambitious plan to shift toward a green economy and make the EU carbon-neutral in the year ahead….