Bitcoin Forum

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

The President of China Mr. Xi Jinping exhorted China to be on the forefront in exploiting the potential and possibilities that the blockchain technology is bringing to the country, actually he was not mentioning Bitcoin or cryptocurrency for that matter. However, there are those who are seeing the silver lining in his statement, that possibility that the easing and appreciation of the blockchain technology will one day soften the stand of the government against Bitcoin. In case, one day China for whatever reason will officially make the China open for Bitcoin this can make the coin explode in value as this has been what many are craving for. As to the question of influence, that is unavoidable but I think the market is very much ready to embrace that possibility in return for massive adoption in that country which counts more than a billion people on its civil registry.

It could have potential impact, but I doubt the pump to $10k is caused by that. It looks more like a whale buying into the market and is only a manipulation. However, it could still have an impact, combined with the latest news about Bakkt partnering with Starbucks, alongside with various players in the market entering the cryptocurrency, such as BTT by Bittorrent, and also to consider the next halving is quite near, another bullish run is possible.

For me, it doesn't matter what China does at the end of the day. I usually ignore every "China blockchain adoption" or "China bans crypto" news. too many of those news on a daily basis. I think almost everyone of those news, rumors, announcements and etc, isn't really serious and substantial. Very often it's even just the fantasy of some shill. Currently, we can't say for sure which positions the Chinese government and main corporations hold, and I think they even don't know by themselves. all we have are the opinions of some managers and politicians, but it's still very vague. I think China wants to observe how the whole Crypto thing develops, check it's advantages and disadvantages, then one day, come up with regulations.

Well, China is a rising economic super power. And China consists of almost 1.4 billion people!

Even if China allows the use of only...Made in China crpytos and bans the rest, all this increased interest is bound to have some effect in BTC and all other cyptos. Despite goverment internet,censorship, many Chinese folks know how to bypass it to access the stuff we westerners enjoy.  So, all in all, I think it's gonna be a good thing, both in regards to price and adoption!

If I'm not mistaken, don't the chinese control most of Bitcoin anyway? I though they controlled a majority of the mining operations, no? Either way, more adoption seems to help the market prices. I feel like the more adoption that takes place, the higher the volume, the better chance we have at staying at the current market price or elevating it.

this recent news had nothing to do with bitcoin since they are talking about the technology that bitcoin uses and thinking about adopting that instead of bitcoin.
in fact this is the main reason why it had nothing to do with the recent rise since the news wasn't even related to bitcoin it could not cause any bitcoin price rise.

as for what it means in long term, introduction of people to the technology eventually introduces them to the correct way of using it (that is decentralized) and pushes them towards bitcoin.

China may really have an impact in crypto but not necessarily mean that they control the industry or market, people or whales just hype in the announcement of the President's interest since Exchanges is still ban in China. If ever adoption happens in them again and will not pursue to their centralized own coin, their comeback will give influence again in the market as many blockchain technologies now implemented nationwide so with or without them. in time adoption in many areas will happen that can give increase again in crypto prizes.

what's up with all these Chinese news lately? the hype or the opposite (FUD) is already dead when it comes to China. it has been apparent that people don't take any news that has China in it seriously anymore for good reasons too. it is because 99% of them are either fake or greatly exaggerated.
for example in this case, we still haven't seen any changes in adoption in China. things are pretty much as they were before with no exchanges and people who are only investing in bitcoin if they could buy it off the market.
if we are to speculate we should wait until they actually do something instead of only making statements and then make our speculations.

You should consider it especially if you are a trader. There are so many whale traders in China and most of them are trading based on news. China has the majority of hash rate of BTC mining so there country news has huge impact in crypto. Even though we can consider it as shill but we can't deny the fact that it really affects the price of BTC ever since China enters in cryptocurrency. You can verify for yourself if you view the history of Bitcoin price and cross check the news at that time. Most of them are related on China. Even in crypto china dominates the world, They are really good in economics.

They mention blockchain but not Bitcoin. This is not "adoption", you can make plenty of garbage projects using "a blockchain".

If they make a State backed central fiat like cryptocoin, it won't make any difference to Yuans. Its perhaps worse than those. Its actually a disturbing trend, the complete opposite to Bitcoin's freedom.

Hopefully, when "studying the subject" some more people will inevitable learn about Bitcoin and the freedom it grants, so it may indirectly subvert a bit the state oppression, if only the people learn there is this money out there controlled by no one...

Just imagine the day the money and State become separate, but not controlled by 4 banks as in Hong Kong...

I feel that the Chinese president's speech in support of the blockchain has had very little effect on the crypto market. Because in fact
the rise in price of bitcoin in my opinion because of whales who want to manipulate the market. Actually it was clear in the speech of
the president of China that only supports blockchain and does not support bitcoin and cryptocurrency, because China wants to make
their own coins. If my guess is right China wants to make coins who beat bitcoin. It sounds like a joke but as we know China is always
ambitious everything related to money.

As i understang what chinese president say  dont want to replace bitcoin, but they want to have thier own crypto currency with less volatility and  backed by thier own currency in that way they can easily addopt blockchain technology.

I think jinping only said to explore opportunities in blockchain and almost every government around world has said this because blockchain is such a miraculous invention. When it comes to Cryptocurrencies they are still a pain in the ass for most of the governments. I think this statement is merely start of an initiative and it doesn't indicates that bitcoin exchanges can be un banned in India. I am very interested to see how China explore opportunities in Cryptocurrencies.

It won't have any effect. "Blockchain" is just a buzzword being used by politicians, leaders and start-ups to burnish their tech credentials.

The essentials for a successful cryptocurrency are a) can you trust it and b) is it liquid enough for you to be able to either use it in commerce or cash out into fiat to pay bills.

I doubt anyone outside China will trust a coin issued by the Chinese govt and I doubt such a coin would get listed on western exchanges.

we all know, that China is one of the most influential country in the whole world, chinese are good bussinessmen and investors, they know how to manage, regulated and make more money than anyone in the world I think, seing China has already shows their interests in cryptocurrency and blockchain could be an eye opener to its partner countries, neighbor countries to take a look for this thing that can help the economy.

The adoption by China is actually a move in the right direction for cryptocurrencies and Blockchain technology in general. Here's the ticker, with China adopting and preaching Blockchain of recent, other countries will soon gradually adjust their positions and starting seeing the need to also take up Blockchain technology.

Not that I’m saying that these projects would be highly political but it seems that everything would be as is described here and given that Xi Jinping also expressed that ‘they’ which, I assume would be the communist party, would be taking care of approving the projects and whatnot. The blockchain development in China might be a cut-throat competition due to the strictness of everything but the effects would be massive IMO as soon as projects start rolling in—price wise and adoption wise.

Just remember that he was referring to Blockchain technology and not specifically Bitcoin. He is doing this because people in his own country are

criticizing his governments decision to create their own digital currency that would be based on Blockchain technology. The speculators and the

media immediately saw this as a opportunity to hype Bitcoin, because Bitcoin is the mother of all Blockchain technologies. Literately all other Crypto

technology was born out of Bitcoin's Blockchain technology.  ;)

In the past year the bitcoin community is getting bigger and bigger and bitcoin become popular a lot of companies in China already have a lot of interest in bitcoin and as we know a lot of mining company is from china in my opinion china did see the potential of bitcoin in their society because of the bitcoin technology that is very futuristic. China is always adopting and innovative when it comes to their technology and also there were very sensitive to their security and the security of their society they are very careful about this matter and they want to control cryptocurrency when it comes to their country.

I do not want to speculate. But given the large population of China, we can imagine if China really legalized cryptocurrency. Then of course it can be a good momentum for crypto residents around the world. We'll see what will happen.

China is the 2nd Largest Economy next to US. They will gonna give a huge impact on crypto if ever they legalized it. It will become a ETF version 2.0 of US.

They already show what they can do in the previous years and also having a bad news about China always give negative impact on crypto so this a game changer

for all of us.

yes I also heard that after the Chinese government supported blockchain technology they would also make their own crypto coins that were given the DCEP name. with the entry of China in the cryptocurrency market then I think the crypto market will be more crowded and growing. because China has a large population of 1.4 billion. as long as the Chinese government has a good crypto project I think it doesn't matter even if the project is under the communist party.

Although they will have their own blockchain and they didn't tell that they will support Bitcoin, still it will create confidence for Chinese people for the root of blockchain, and they will know that Bitcoin is the king of crypto and they will gain more confidence over it. Their having own blockchain, will still have impact as it will create more awareness to most people in China and imagine how many people residing in China if at least 5% of their country adopt crypto, it is still huge.

But in a sense that US is not the biggest cryptocurrency adopters according to this article: https://bitcoinist.com/cryptocurrency-adoption-highest-5-countries/

Turkey, Brazil and Columbia impacts the crypto space community very well.

Regarding this, we cannot infer that if the country or economy of that country is good, it doesn't mean that they have the best contribution to the cryptocurrency space. But it will depend on the market adoption that a particular country has. If there are many people in a particular country that adopts crypto, we can say that they affects the crypto market in a directly proportional manner.

You know people misconstrue things a lot, and when people hear blochain at times they interpret it for cryptocurrency alone, so what could have surge the value of bitcoin was those making investment out of the freedom of mind they got with the speech which unfortunately when we talk of blockchain, he might not be referring to cryptocurrency alone, although they have plan for their own cryptocurrency which I think that it is still part of the politics he has played for introduction already so that it would not be a strange thing to them when the time comes for them to release their coin to the public. He could have been encouraging them on a different level when it comes to blockchain which can be used to solve several challenges of the economy without having to even dive into cryptocurrency.

Basically, if they will develop a blockchain project that is considerably decentralized, it doesn't matter if they are a communist country. People will still believe and support them as long as they are always updating and developing their technology. In terms of the adoption of China, the impact is massive especially to people who know how big China is. Their population is already an advertisement for others to adopt to cryptocurrency especially investors. As the mindset of most investors is like this: They will do their best to see what will happen in the future, so they will look at possibilities and Chinese involvement will set as an initiative for them to have a reason to invest in cryptocurrency.

It's important to note that China is excited about Blockchain, not cryptocurrencies. It was not obvious from the initial president's statement whether they are distinguished by the government, but I remember reading a clarification later that it's about Blockchain, not about approving of these speculative cryptocurrencies we have nowadays (although I cannot find that article right now...). If that's the case, then China might use Blockchain for various purposes and perhaps even make their own crypto, but not boost the adoption of the actual cryptos like Bitcoin.

It can affect a lot since China is a big country with many population. It means that when bitcoin is accepted in China, more people are able to adopt on it.
As per the president of China stated, they are positive towards blockchain which is good. It may cause more people to be aware of that technology. Countries might follow the adoption. And blockchain will be given a chance to be use in different factors not only for bitcoin.
Just like the previous scenario after the president tells his message towards blockchain, the value already rise, it means that China also gives an important role that can affect crypto market