Bitcoin Forum

this is the Chinese president's speech about his ambition towards Blockchain technology..

https://i.imgur.com/nRqx9Gf.png
source: https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain

here I will not discuss Blockchain technology because China is certainly very accepting of the existence of Blockchain technology

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

indeed blockchain technology is not only related to cryptocurrencies, but I think Xi has another intention!!

No government in the world can make a coin that is better than Bitcoin, even if they really wanted to, because you can't just hire people and tell them to create the best cryptocurrency in the world. It takes talent to make a great cryptocurrency, and currently most of the talent is concentrated in Bitcoin. This is why I'm not worried that an altcoin, a company or a government will dethrone Bitcoin, Bitcoin is miles ahead of them all.

Also, governments aren't interested in creating a true cryptocurrency, they want to make centralized shitcoins that are fully under their control - those things can't compete with Bitcoin, they attract totally different people.

The President of China makes the right choice. Blockchain is too good technology to ignore. However, the adoption of Blockchain is not the adoption of Bitcoin and it is sad. China realizes that Bitcoin is dangerous, it will deny China from a share of power

More power in setting rules and standards internationally!!

It felt like they already achieved that already. But learning now that China intend to dominate, i will definitely invest projects in these area. If the only way to do it is to first buy digital yuan, then I guess most of the investors are also going to need digital yuan.  Centralized as it may seem, its exactly what they need. What the government needs.

I don't trust communists and dictators.. Whatever they tell they will always have some personal interests behind them. You can call me a bitcoin maximalist, but I don't think we need another cryptocurrency. Bitcoin is perfect and more than what our world needs at the moment. It is also flexible as we can have consensus on any changes, but IMO Satoshi thought at all intricacies of how this cryptocurrency is going to grow when he/she/they created the code. We need a world currency, a good store of value, not national currencies controlled by governments or any other entities.

Xi has attention for blockchain technology through bitcoins. I dont thing more cryptocurrency be able beat bitcoins, since bitcoins was built based big trust of community wwhole the planet. Xi clearly talking about blockchain tech, but in other corner that is one proof bitcoin had perfect things in all aspects of bitcoin.

I was feeling dejected after the recent price crash of Bitcoin. But a few minutes back I was checking Bitstamp and found that the prices have moved up by +14% during the last few hours. Searched for the reason behind this sudden price movement and was surprised to find that Xi Jinping's comment on Blockchain technology caused the spike this time. Normally it is China which plays a major part whenever the prices crash. For a change, they have triggered a spike this time. Let's see whether we can touch $10K this week.  ;D

First of all the title is a bit misleading it looks as if china is against Cryptocurrencies and xi jinping is banning it while it's the Inverse as per post. China is always known to excel in certain modern technology to ensure that they are leading the world. They did the same with marvellous manufacturing technologies and I think they are trying to do the same with blockchain too. But just thinking use of blockchain as a currency is a bit conventional. This saying means china wants to expand blockchain into every sphere.

Some people suspect that Xi's recent comments on Bitcoin is part of the reason why BTC experienced such an impressive pump earlier (and still ongoing).

However, the truth is it was probably just a massive short squeeze, you should see the number of short liquidations on BitMEX and Deribit, there was some serious carnage.

Either way, a previously anti-crypto country of this size changing its tune is definitely big news for the industry.

Here we go again! China this, china that! Coming up, in next weeks head lines: China thinking of banning all cryptos because reasons.... I think Xi and friends made quite a nice buck these days ;)

He is only talking to China itself that they needed blockchian not just in cryptocurrency but to any field. So if other countries sees there is the need also, they do what they can also for cryptocurrencies to prevail and adopt in the country. President Xi sees a lot of countries already up to making legal action to crypto but before that happens China has it already and be the first in line in case any country wants to adopt learn through China.

It doesn't matter what cryptocurrency they make they won't be able to take out bitcoin just because people like it know it and are used to using it. Andreas Antonopoulos had a talk about it and compared it to Google and all other different companies who tried to make their own search engine and failed, including Microsoft. People simply wanted google and stayed with it. It's ultimately going to be our choice if we stay with Bitcoin or choose its Chinese version.

Today bitcoin has risen to the level of $ 8,500 and this is very exciting for many people, especially those who buy at the price of $ 7,500.
I am sure bitcoin will reach $ 22k in the not too distant future and recently being talked about is that Chinese President Xi Jinping because the Chinese government will adopt the blockchain, and this pumping might happen because of this news.

I think a SR member should know that    Blockchain is not just crypto currency..
China is encourage blockchain technology, but crypto-currency is not included !

Today's market moving is because of the Chinese president's speech!

Market participants are happy with the rumors/news and the accumulation has only just begun, short liquidation is still connected in the previous direction and conditions will bounce because BTC prices are improving.

I read the news is still only about exposure to technology, but many people know that the capitulation of bitcoin is the first thought when people hear the word "blockchain"

the next few days I am interested in who else is the big figure who answered xi jinping, this will create a wave that can be confirmed to trigger the price.

The 'heavyweights' are gradually finding a way to come into Bitcoin. Deep down, they know it's the future and it is at inevitable, but for obnoxious reasons, they just decide to place some restrictions on it. I'm happy for the news, at least Bitcoin that has already started taking a negative movement is well back to it's feet, I hope things take up from here.

Disagree, money is money, whoever have the money, will be have more opportunity. money will give any startup ability to cut up some miles from their leading competitor, might not make them to be the first at early stage, but money will have much impact in competition


Agree

but ...

Like many big organization that jump to crypto world, i think if china make any new coin, it will be stable coin, in other word, they will be in different market than bitcoin has

it seems like yet another vague statement from a government and the news sites that are going ape shit over it, the worst part is that the statement doesn't seem to be exactly about bitcoin if at all. it is talking about the "blockchain technology".
in the end the governments want to keep and increase their control, that means trying to "compete" with something they couldn't fight (ie. bitcoin) which requires adopting its technology and staring their futile attempt.

As we understand from this article that China has problems with crypto coins, but they don't want to stay back on blockchain technology from other countries also.

But I can't understand something. Why China don't like Bitcoin? Why they are not trying to use advantage of crypto market in Asia? I think if they want to improve cryptocurrencies, they can make it easily in Asia. And if we think about Chinese company use this cryptocurrencies, it would be much more easier.

Almost 8800 on Bitstamp :)

Blockchain doesn't mean Bitcoin. They can use blockchain to store information or verify messages and it will mean nothing for Bitcoin.

They can do what they like and as long as they don't ban Bitcoin their altcoin will not have a big positive or negative influence. There's plenty of people in the world for Bitcoin to be successful and worth 10 times more than now even if some of them choose a Chinese altcoin.

China has been evaluating the issue of cryptocurrencies and Blockchain technology quite carefully and it is very clear that they want to take the lead, either with a national cryptocurrency, making services more efficient through Blockchain technology and regulating cryptocurrencies to in order to obtain benefits and security for the users.

The blockchain technology he meant is the one that could be closely monitored and operated by the CCP. There's no such thing as anonymity or financial freedom on the Chinese version of blockchain. It's just made for anyone not be be able to use any loophole to erase their tracks. Blockchain for more severe and unhackable surveillance of the citizens.

I have an opinion that this is a very thought-out strategy. Now there is a trade war between the US and China, do you think that public recognition of Blockchain could be a step against the US? I mean, the Chinese president wants to show the world that he is better than Trump in everything, and so on, so what is your opinion?

Before that, China also said that it wanted to make their own crypto based on the price of the yuan, with the blockchain making it easy to track all those transactions. The new bitcoin has recently surged up due to the blockchain is populared  by bitcoin, so the price of bitcoin is increasing.

I think it's pretty obvious that his message is heavily laced with confidence and a certain cockiness, he believes that China would easily be able to make the best crypto-currency in the world, and other countries should basically bend a knee and use what they are making for all of us.

It's actually pretty good to see this sort of shift, from countries banning and influencing other countries to ban blockchain technology, to China to basically bragging about the new crypto-currency they've developed, and in a couple years we'll be able to see cryptocurrencies from Japan, Korea, China and maybe even the US battle it out.

It could possibly provoke the US to start creating their own crypto-currency, but I reckon they have their own plans...

And with this statement from China's President, we are seeing a good price improvement of bitcoin.
Whatever his intentions are, we are benefiting from it. So not bad at all, right.
And whatever plans they are cooking, without question, the benefits are more on their side.
The mood shift of China towards blockchain is not surprising on my end. Somehow I already grasped the mindset of Chinese people.
You will have that notion also if you directly worked and lived with them. They have different mentality on things.

I do not think so. Bitcoin is perfect for me and Bitcoin has dominated the crypto market for more than 10 years. So if China wants to make cryptocurrency better than Bitcoin, the possibility will be very small.

The statements of Xi Jinping regarding blockchain and "China [having] more power in setting rules and standards internationally" sounds like they only want to spearhead everything blockchain-related because they want to control everything blockchain-related in the future. This does not only apply to cryptocurrencies but more certainly on technology that peruses the blockchain. They want to be the central authority when it comes to that, and that's no good IMO.

I don't see any hidden message with that statement.

I mean we already know that they hate bitcoin already, so it makes sense for him to make a sales pitch about blockchain technology and make it their centerpiece of the new technological evolution. He didn't mentioned about crypto or something, and we all know that any crypto back up by government is not going to be successful in the long run, because (1) taxes, (2) crypto enthusiast hates centralization.

So let it be, we shouldn't look at China vs Bitcoin here, we all know that they have their own agenda and if you think that they can stop bitcoin, then they are wrong.

I believe through the Chinese President, they are demonstrating that they are economically weak and susceptible to a Stablecoin like Libra, They talk about Blockchain, but NO BITCOIN. They fear for their economy, they are trying by all means to launch their cryptocurrency that will be like a clone of Libra.

They have considered limiting, regulating until eliminating mining activity in the country, it seems to me that the Chinese government should know that people when hearing Blockchain will automatically refer to Bitcoin, the regulations they imposed in 2017 were already an indication that they fear something.

In this article they also talk about it: https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption (https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption)

Obviously what the president wants is to lead and dominate in the crypto market. Yes he's positive towards crypto but his goal is to rule it and overpower bitcoin. I don't see this as something good because the government  will be given more power to control everything. The readon why we're here is to avoid the involvement of the government yet the government of China wants to take it.
What he wants is more power to control.

Well.. personally I should be thanking Xi Jinping for taking the BTC exchange rates from around $7,400 per coin to the current levels of $9,600 per coin. If the current trends continue, then we can soon expect the $10,000 level to be breached once more. His statement represents a major shift in the government policy towards cryptocurrency and it is going to be mutually beneficial for both the sides.

I am not 100% sure whether his positive attitude towards the Blockchain technology will extend to Bitcoin. But I hope he understands that both are part of the same system. After trying to destroy Bitcoin for the last 5 years, perhaps it is time for China to adopt a better policy. Their attempts to destroy BTC failed miserably. Now they should try coexisting.

I'm thinking that he really does not want Bitcoin taking over his country, especially a large percentage of mining rigs are located in his country, and he does not like that. China's a communist type of government and most likely, they are preparing their country to shift from bitcoin to his cryptocurrency. In which I suppose would be centralized, he want surveillance and control over his people. It's like precautionary measure because he knows that cryptography with blockchain technology would soon be the next thing.

The massive impact of the announcement of president Xi on accepting the blockchain technology in China made a lot of rumors on what would be the reason behind of it. The China already announce that they will become the front liner of the cryptocurrency and as to its they already accept the blockchain technology maybe President Xi realized that the blockchain is one of the best key to improve more their economy, and also there is a statement of Jack Dorsey the founder of twitter that the blockchain technology will be the future so maybe this influenced president Xi to adopt blockchain.

What is "blockchain-technology"? Does China's "blockchain technology" have the most important component for everyone to be in consensus without trust, and decentrally? Or is "blockchain technology" just another phrase for "specially celebrated database"?

I don't know if we can really attribute the recent price rises to a simple press release or statement from the Chinese president, it's always hard to blame bitcoin price movements on a singular factor, but I really doubt this is one of them.

China's mood and attitudes towards bitcoin and other blockchain technology has gone through a huge change in the recent years - a lot of this can be attributed to the change of mood of Xi Jinping, and him finally understanding the potential blockchain technology has, especially when he is able to control it from the government, is pretty interesting.

China may try to create its own high-tech cryptocurrency, there is no doubt about it. But the world community is unlikely to accept it as well as Bitcoin, because China's cryptocurrency will be centralized. The main meaning of bitcoin Is that all participants in the network are equal, the Chinese currency will be based on centralized management. In addition, the scope of blockchain technologies extends far beyond the financial sector. Blockchain can be useful in any sphere of social interaction of people. In this direction, I am sure China will succeed in achieving great success.

you shouldn't even link or compare that with bitcoin, there is no reason for it! and i don't get why people insist on doing it.

any altcoin that the Chinese government creates in the future is like the other altcoins that other governments of other countries have already created. for example the Venezuelan government created their own centralized altcoin called Petro a couple of years ago. it has nothing to do with bitcoin and it is a centralized shitcoin!

as for "acceptance", it is a currency that the government is printing. people will accept it just like they have accepted CNY (Chinese fiat currency!).

This message is actually rather unclear and potentially disturbing. It can mean lots of things, I'll try to mention the main ones coming to my mind:
1. Embracing blockchain, not Bitcoin. They can adopt blockchain to store some other kinds of data, sell tickets or organize elections. Blockchain has lots of use cases beyond cryptocurrencies.
2. Embracing the crypto market to establish Chinese dominance there and try to take it all under Chinese control. Then they can impose strict regulations, and others will be likely to follow them since they will be the leading market.
3. Making their own crypto token, fully regulated by the Chinese government and having so many users that Bitcoin will seem a teeny-tiny thing compared to it. Thus they'll have the coolest crypto out there and also become more innovative.

Just read an article that China government bought 21 Million Bitcoin, that's why BTC price is increasing heavily. But I don't feel good, it seems China is cooking something dirt in the behind, which is not good for the crypto community. I am not sure, maybe they have s plan to manipulate or control the Bitcoin market. This is possible for a country like China, they can buy the maximum amount of Bitcoin to control it. I hope it won't happen.

maybe they can make anything with blokchain technology or they want to make their own digital currency so that their country is seen more by other countries but in my opinion if they make something with blockchain technology I think it won't be more perfect than bitcoin because bitcoin is one only highly developed digital currency.

Predicting the price of bitcoin is the stupidest thing.  We try to apply really futile price-based price models.  As long as Trump or Xi Jinping speaks up, the market has changed a lot.  Yesterday bitcoin increased by 30%.

Bitcoin is risky but it was bitcoin which originated the blockchain.
We already know that bitcoin is volatile and we know its risky, so if we are still using it regardless of our purpose, that means we understands it.
The statement of Jinping is very inspiring because it finally give light to people that China is pro blockchain and could be pro crypto in the long run.

They realize that if they will not start it now, they will be left behind by other big countries.

But one thing, I like to know if this is the reason why bitcoin has pump today, is there is a relation or is really the main reason?

They see a bright future on blockchain technology. China is now planning to adopt and prioritize the improvement of blockchain as the statement of the Chinese President.
This may become a trigger for other countries to follow the stepping stone made by China, and this may give a huge effect on the market.

It might be stupid and pointless but it's very fun. It's like gambling almost, you never know what is going to happen with the pricing.

The price bump was due to a variety of reasons, not just China showcasing its love for cryptocurrencies and blockchain technology.

Could you link me this? Could possibly explain the huge price pumps, but I'm not sure if they have that money to blow and if they would even do that - they don't see to really care about bitcoin, more blockchain technology.

China under the leadership of the great President Xi Jinping is now starting to show to the world of the things it is capable of and it is so willing to adopt any technology that can help in its overarching ambition of global domination, one day kicking USA out of its throne. Soon we will see that China is already the center of the blockchain technology and its many applications. Certainly, the possibility of China having its own successful cryptocurrency is part of the package though they are right now very careful with this as they don't want to debit something that will just be receiving a flat response. Up to now, there is no definite say if one day the China market can be opened to Bitcoin again so we will just wait on developments on this issue.

Bitcoin is not perfect!
Bitcoin lacks in many areas which restrict is acceptance as a global currency. It has become more of a store of value.

Xi Jinping made a statement where he said we need to seize the opportunity of blockchain. Whether he is making a cryptocurrency which will be accepted globally? I don't think he meant that. Blockchain has many more use cases than to be used as a global payment system. It can be used in retail to medical industry. Moreover, no one will accept Chinese currency globally. So, his statement didn't mean he is creating a global crypto currency which could compete with bitcoin.

that's the important point.  your opinion is very good.  if there is an implied purpose of this statement, whether to form a force, whether to lead the public if they create a rival for bitcoin, that will obviously be difficult.  Bitcoin market capasity is very strong.
and certainly if the ultimate goal is to make cryptocurrency that can be controlled by the government, it is unlikely to be quite popular globally.

He meant to use and prioritize to maximize the possible usage of blockchain technology.
For me, it doesn't mean to compete with bitcoin, but to use and improve blockchain to increase the possible usage and develop it to a new possible use.

Hearing the chinese president's speech was clear that China's real intention was not to recognize bitcoin, but instead China
intended to make it cryptocurrency itself is stronger than bitcoin. For me this is not a strange thing, because China has always
been want to become the most powerful country. After successfully controlling the world economy, now China intends to master
cryptocurrency market. But China has not yet understood the power of bitcoin which is impossible to defeat, because of bitcoin
many try to destroy but always fail. The power of bitcoin is in its very strong community to defending the existence of bitcoin.

Blockchain technology can be used for a lot of other things besides cryptocurrencies.  The distributed ledger aspect makes it a perfect system for accurate record keeping of any kind, and it's unfortunate that there haven't been gov'ts or corporations using it for that so far.

Did they not just ban bitcoin mining in China?  That would be a huge mixed message if I'm remembering it right.  But that would be China.  The gov't wants to control everything and give the citizens nothing of value for their own.  That's true of a lot of gov'ts but especially China.

I do wonder if these comments had some effect on the price of bitcoin in the past day.  I'm still thinking it's Bakkt but I could be wrong.  If only we knew where all the buying orders came from...

Buying all 21M will nearly be impossible for them nor having it in mind when they can just create their own and allow the billions of Chinese people to use it. It would be a lot simpler. Xi may sound cocky to say they will have more power is setting rules internationally but he may mean it literally being the ones who has the biggest economy. Countries who wanted to import products from China may later have to buy the digital yuan before they can make the transaction - this alone will make it more interesting for crypto legalization in different countries.

Bitcoin has issues that are being worked on, that does not mean you can replace it. If Chinese President is in the process to replace Bitcoin, it will actually take many years to do so. Bitcoin is the reason why Cryptocurrency exsist , it is the currency by the people and  not by the state.

What intention do you mean? I don't want to think badly about the Chinese president who has shown a good step on blockchain technology. China indeed banned bitcoin and why China adopted bitcoin of course to make its own cryptocurrency.

Being better is subjective.  In terms of technology, scalability, being a currency, government can easily create a better version than Bitcoin. The only thing that a government cannot beat Bitcoin is its decentralization because the government is against that.

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I believe this is a challenge by the China's president to Bitcoin.  They wanted to be the leading country when it comes to blockchain technology so that their influence will be greater in terms of blockchain based technology such as cryptocurrency.  If they have such influence, it will be easy for them to ban/regulate Bitcoin in different countries.

I don't think people like it too because probably it will be a centralised cryptocurrency they were making. China banned Bitcoin before and I don't think they will going to accept it as part of the cryptocurrency. China allowed the blockchain only and not the Bitcoin itself but who knows, they might have to unbanned Bitcoin soon but I have a doubt about that.

I guess it will be hard for them to create a cryptocurrency which is better than Bitcoin. As we all know, Btc is well established and has passed all the tests of time which made its foundation strong so if they will create their own coin in the future, they have to go through a lot as well. For now, I guess they will only be adopting Bitcoin. If massive adoption from China will happen, I'm sure that it will bring a positive effect to the market situation.

true and even if we say that they can manipulate it , it will still be hard for them to to reach what bitcoin has already reached because bitcoin is already recognized globally   .

why will they do that ? why will they join bitcoin if in they want to control or create  coin that can compete with bitcoin but we dont know what china thinks , if they change thier minds maybe theyl be good at bitcoin  .china's presence can indeed bring alot of impact on the price of btc 

One reason why I would still maintain my stand on the fact that it would be very much impossible for any government to really build any blockchain technology that is as perfect as bitcoin is because they will all build a coin they can have control over, and any chain they will be able to control fully can be influenced and be compromised, but bitcoin being a chain that is not owned by anyone and no one can even be able to modify it makes it more solid because this is the type of coin that can really guarantee anything that has to do with privacy of user’s data and transaction.

China's own will be great too anyway because when it also comes to technology, they are surely good at it, but some of the things that do come from china are less quality things which is why I believe that china chain system may be compromised.

It will also hard for them to convince people outside their country to support the project that they will going to introduced, knowing them who
always seeking for much higher power and authorities in any venue where power can be claim.

Bitcoin is the best alternative, there's no control system and it will continue to enjoy freedom as what it's intended to be. China will ride with the
popularities of blockchain and will do the best that they can to form their own.

Chinese President announced that they are starting to adopt blockchain technology and they will focus on its development. They did not state anything about creating their own crypto for now. They are more focused on blockchain technology and not about bitcoin or even competing with it.

China positive towards blockchain will defintely help bitcoin market to get more funds in the market and in asia it is already positive for bitcoin and crypto related projects

If China will find some way to make Blockchain authoritarian, that's a danger idea and blockchain become worse for freedom and privacy than any currently existing currency. one great thing about cash is that no one needs to verify it for the most part, but imagine EVERY transaction you do having to be verified digitally. If that authority is coming from the Chinese central bank, all of your transactions are suddenly trackable with no options out. everything you ever buy or sell will be recorded forever and trackable. that is frightening.

But i think Xi is talking about all types of business, for instance healthcare and education, being integrated with Blockchain tech in some way, and i feel like anything that educates the masses on Blockchain tech is good for bitcoin.

I do not think that their own cryptocurrency will become better than Bitcoin because its just another stablecoin wherein China's government have full control, we already have few stablecoin in the market but Bitcoin still dominates them. I believe that any coin that is created even if its backed by government will not surpass Bitcoin because crypto people loves the fully decentralized system of Bitcoin.

Honestly i don't trust that this has anything to do with real decentralized cryptocurrency like bitcoin. I am glad that the markets did but i am assuming that China wants to build their own government controlled blockchain, and they will not adopt other currencies, reasons for this would go right to political section of this forum, but let's just say because of their track record on the subject.

don't exaggerate the message of Chinese President because for me he was just pointing that they have the guts and will to at least create their coin and they are supporting blockchain things that very rare to come out from chinese government
whatever intention Xi has for sure he will never succeed because EU and US is in the front line and will never let China eat the crypto system

President XI speech does not necessary mean that china wanted to create there own cryptocurrency but to use or deploy blockchain technology in areas where china feels it will be relevant to their economy of course we have other area or sectors where this technology is very relevant eg chain supplies, medicine, election etc however if they eventually adopt it invariably as bitcoin will become a goldmine as blockchain is the backbone of bitcoin.

would like to thank chairman Xi Jinping ( by the way , he is not a president , he is the head of the Communist party of China , there is  a difference )
for the unexpected 25% price increase , partially due to this statement  :D
China has been pro0-blockchain since the early days , but its stance on bitcoin has transpired from full acceptance when almost every top mining pool and the mining equipment production
originated in China , to near banning it a couple of years ago where all of the financial institutions were denied operations with bitcoin
I hope that China stays crypto friendly and recognizes the potential of the technology

Xi Jinping is the head of the Communist party of China as well as the President of the People's Republic of China  and Chairman of the Central Military Commission which means he controls everything in China  ;). I personally do not feel that the price rally is because Xi Jinping said some positive things about blockchain, it has to do with the future market in my opinion. China can implement the blockchain and reject BTCitcoin, it is not that he was praising the entire market but he view it as a revolution to use in his country to have more control over the financial transaction.

Of course they will make their own currency. It's China!! They always need to have control. They can't make their minds up so maybe they want their own currency to replace their people using bitcoin.
It will be much easier for them to control.


Or it will dilute the bitcoin dominance since many Chinese bitcoin holders sell for their new currency if the decision to make one?

It is about modernization and technology upgrade help China to accept Bitcoin and crypto back again. Cause the reason why they left crypto before because of lack of market preparation but they have it now and clearly understand that their people also taking advantage of this one. We know China is one of the most promising and developing countries and has to expect that the demand is high as they are one of the huge market utilizers.

control is the right word in here. chinese govt always wants to have control of his people one way or another.
and the pres realised that if they will continue to be strict with crypto and blockchain as was before, they will not move forward.
they want power and so they need to optimise what blockchain tech is offering..
i was thinking that when they had tight regulations with crypto before, they were already scrutinising it and now they realised the benefits of this technology and so with the president's speech...

"Take the leading position in the emerging field of blockchain"
Doesn't mean China will create a cryptocurrency to compete with bitcoin, blockchain technology can be useful in many ways such as technological innovation, industrial transformation, innovation programs, and investment. In short, they want to be number 1 in economics using blockchain technology.
Xi said blockchain technology could be applied to many different fields, including finance, education, employment, elderly care, poverty alleviation, health care and food security, infrastructure management and public services.

if he has other intentions, I think it could be, but if he wants to make another coin better than bitcoin, I think it seems impossible, because you know for yourself how famous bitcoin is now, it takes time for new coins to replace the current position of bitcoin .. !!

This is just a word from China and the impact is already big so what more if more companies and more people will use blockchain and bitcoin, I’m confident we will see big price before the year end and next year it looks like new ATH will be seen. News can move up and down the market, but this is is going to the moon soon.

Perfect for the means of Chinese people who are following the communist party but not on to traders/investors/businesses outside the country.

How can merely national digital currency use by its countrymen can be equal to the one used by anyone in the world? Well, just do your own math.

I don't know why people are interpreting this so positively, honestly.

What he is saying is perfectly reasonable in terms of their longer term goals of developing their own national blockchain, and issuing currency on that blockchain. However, that will probably be centrally managed and will have nothing to do with BTC itself.

It's not a case of positive support of BTC. It's a case of promoting local blockchain innovation.

It depends, China is a very huge country and bitcoin for them as a whole will not be suitable since it seems like China wants to take advantage of the cryptocurrency, they will create their own crypto that will help them transition their fiats to the best possible digital currency, and that is crypto. In that case, whether they have their own crypto, we can expect that there will still be many Chinese that will buy and accumulate bitcoin. In return, we will all benefit over this by the market price ranging up.

First off I didn't see anywhere that he stated they were going to create a bitcoin competitor and as far as leading in blockchain technology then they need to play a little catch up with iBM alone let alone the FOSS community.

China for now has no hidden plan, what it has is fear, what they have been planning is to launch a stablecoin like the one that will launch Libra of Facebook , but they have a lot against it, neither China nor another government has fit as well as  like it has done Facebook, that is one of the reasons why they fear they are not successful, they have also made it clear that opening the doors to Blockchain is not opening the doors to Bitcoin, which seems counterproductive, because any stablecoin the people  will change to Bitcoin.

Other things that China fears are that Libra will not have support from the Chinese Yuan, they see this with bad eyes, because they know that the hegemony of the dollar will be present and dominate more, and with Mark's statements that he will seek to increase the US economy , is something that causes more alarm.

China has been dedicated to the investigation of its Cryptocurrency for more than 5 years and is now in a hurry to launch it, long before Libra, even in a statement they have called Blockchain experts to streamline and continue working at full speed. China and no country can bring down the domain of Bitcoin, the more they prohibit it, the more they will want to acquire it, I think that China will have many problems in its local economy by 2020 taking into account the scenario that Libra is launched and Bitcoin bullish.

Bitcoin and blockchain are different. I think they are utilizing blockchain technology but not bitcoin. which is we know that blockchain technology is useful for many fields. especially about notes. maybe the president of China will make something new rather than just bitcoin. they take advantage of the other side of the technology brought by bitcoin.

That's the governance of China. Being able to adapt and create things as their own.
And now, they are going to focus on the adaptation of blockchain technology, they realized its importance and its use. That's why they make a move to accept it and create one as their own.

If I can remember it well I think it was in 2016 that China have called all Asian countries to convene and create its own cryptocurrency that will serve as a legal tender in whole of Asia. But asian countries did not heed that call since somehow it was self serving. This time again I think they are doing the same thing but this time its global wide. I think China is thinking of world domination through blockchain technology.

There's no clear position for that particular information, they wanted to maximize the use of blockchain and for that if they will focused alone with the system then there's no affections to crypto but if they will begin to focus with creating the currency itself in serving the nation, then there's impact that will reflect to bitcoin and to those alternative coins around. Either it can be a good effect since pairing will comes up or it will suppress bitcoin and all crypto to exist from their jurisdiction and only allow what they've got.

It's nothing but it's all about international politics and the economic clash between the USA and China, While the USA government are trying to stop Libra and another cryptocurrency then this type of Decision of just makes a sense which leads to their domination over this platform. I think China is going to make another cryptocurrency better than Bitcoin because It's totally different from other coins, You have to copy to this platform but you can't make it as like this system. if they could then they would make very earlier in this decade because Bitcoin has already passed 10 successful years. So I think Chian hasn't any intention to create any cryptocurrency.

I'm also thinking about this one but it looks like people are get hyped because of this news, though China has no direct message about bitcoin I still this one as a good statement. Blockchain technology is nothing without bitcoin and bitcoin started this one so maybe many investors loves the news and that's why the price pumps up.

We don't know yet the real reason for his statement, as we know China would wanted to be the best always in everything, so what keeps surprising us if they are secretly developing their own digital currency to compete with Bitcoin, so we don't know that yet unless they will release it, but it is possible that they are doing such thing.

Based on th speech it seems Xi has deep intention of endorsing the Blockchain probably they have intention of creating a coin that will compete with Bitcoin however, even if  they did I doubt that they will replace this coin. Bitcoin is far way ahead and it is not something you can dethrone easily, as a matter of fact there are a lot of coins who had same intent but none of them succeed.

Chinese president word on blockchain we can expect chinese blockchain companies may get more pump in the coming days

Yeah.  Very interesting.  Bitcoin makes the world a lot of ink and paper to write papers.  I am sure that right now there are a lot of rich people and there are many who lose their accounts in derivatives.

While the saying is "blockchain is not Bitcoin", there are multiple aspects here. BTW, thank you for pushing the price back onto the right direction  ;D

1. China is the world's biggest manufacturer. Blockchain can be a blessing for logistics!
2. Whether China's communist party likes it or not, crypto markets means real money, money of which some parts can be earned. It was a mistake to say "no" to that money and this may be fixed in a further step (and maybe this is what the price has shown).

China is more concern about developing the blockchain technology, after that, we can expect their creation of their own cryptocurrency.
We can expect their creation to create a huge development in the crypto world and will become the reason to expand and have more adaption to many other countries due to this reason.

Bitcoin will remain the most powerful and trusted cryptocurrency that is and will ever be created as far as cryptocurrency development is concerned. Any coin created by the government will be considered political as other governments will seek ways to create a better version.

Although almost everyone sees the Chinese president’s statement that China will support blockchain technology as the reason for the latest bitcoin price increase, I don’t think that this news was the real reason for this increase. China and until that time fully recognized this technology, in this country they issued the largest number of patents for inventions using this technology. Therefore, nothing significant has changed. Surely the reason for the rise in the price of bitcoin is different. Although, what's the difference, Bitcoin is growing because it wants to grow.

If that is the case then China is not the first country to try to replicate or replace bitcoin and you know what they all have in common? FAILURE! Many countries and companies have tried and failed in the past perhaps China would like to give it a try. The bitcoin is almost perfect currency and I don't think any country will succeed in trying to replace bitcoin.

However, as one of the biggest BTC holders, all of China's statements regarding cryptocurrency and blockchain are quite influential. There must be a factor that moves and it affects each other

We can see the seriousness of the Chinese government in educating its people by filtering rumours and news that say the blockchain is a scam, the full news here (https://beincrypto.com/china-calling-blockchain-a-scam-is-now-banned/). The central bank also plans to launch a digital currency called "DCEP". https://i.postimg.cc/HVMRsNr6/china-crypto.jpg (https://postimg.cc/HVMRsNr6)

Chinese shitcoin projects have gone full bull mode after that announcement, which is quite interesting. Of course, this can also be a few whales trying to pump and dump, but at least there has been a massive move.

Overall, it doesn't even matter what caused the price to go up, what matters is what the chart of Bitcoin indicates, and there is no other way to describe it as frigging bullish with much higher levels to be reached in the coming weeks.

In any market, there are bulls and bears.  China's shitcoin has dropped deeply and now is the time for them to rise again.  The problem of price manipulation is certain and in any market there is manipulation.  Xi Jinping's statement is a good sign for the whole market to operate strongly again.  I have great faith that Bitcoin and altcoin will grow strongly soon in the near future.

There's really power in China, they are 1/4 of the total population so their president word has real impact in the world, just like how they are banning mining in their country. For sure if the president of China will give even a single word that he is favor of Bitcoin and that he is also investing some of it then for sure that the Bitcoin world price will be unstoppable and the demand will continue to rise as time is passing by.

China has allowed mining of cryptocurrencies.  they have been publicizing and supporting cryptocurrencies but the problem is that they are about to celebrate the Asian New Year in late January and early February 2020. I hope they will promote a new bull cycle for the whole market.  crypto.  At the same time, the world economy will move into a 10-year cycle, possibly a recession will occur and people will pour money into Bitcoin and cryptocurrencies.

I don’t know if China had lifted the ban on mining bitcoins but if I remember correctly they had already lifted it. Because if we think about it, it also brings those hash powers benefits to their country in a sense that money or assets are flowing within the country’s circulation. Also, maybe they are testing out to suppress Bitcoin in order to dominate the cryptomarket in China with their own plan to release their own cryptocurrency.

Cant say about hidden intentions but the message is intended towards blockchain adoption not Bitcoin. I don't think a head of state from china can hint towards adoption of bitcoin at state level. Why would any government allow cryptocurrency (in its original form) to be used as mainstream payment system? Bitcoin along with other CC have a long battle to be fought with governments and centralized financial system before coming into mainstream.

The national central bank has the right to print money and have the loosening policies or tightening to control their value. It affects directly to their economy. For the long time, if they put crypto as the main coin, all the people can create it means that no longer is exclusive in the release. This affects directly to the national security of each country.

For sure and it is clear in the statement that he is not referring in Bitcoin, and they are just going to adopt the power of technology of blockchain, they agree that this is a good idea. The hidden agenda that we can see is that they are little by little getting the attention of investors, users for their own coins, they wanted to have something which they have the highest number unlike in Bitcoin that they are no control of it. Still, I can see the greediness of China that they wanted to be the number one in everything.

China's President Xi Jinping have big power how to make bitcoin can increase to higher price just few time after announce for adopt bitcoin as legal transaction. He can make many investor awesome how can make bitcoin price have higher price at the future, maybe if China president serious want to adopt bitcoin make price bitcoin will higher.

Lol Presindent totally not interested about bitcoin. Him just admire about what's behind on bitcoins thats are blockchain. Adopt bitcoin should be many of considers,since country or bank can't control it.

he doesn't care about bitcoin but his move makes traders pay attention to Bitcoin.  China is a large and influential country on an international scale.  A nation's recognition of the right to mine cryptocurrencies and claiming blockchain support is an effective way to propagate.  This will be an opportunity for Bitcoin and the entire crypto market to explode.

China with all their investments can bring bitcoin to a new level, make it more widespread in the world.

We can't totally formulate about his hidden intention towards this topic but let us not forget what this country and their president is capable of doing things under the mainstream media. China's influence are huge expanding through different prospects from financial, media and weaponry, U.S. can't hide their fear against China but they can withstand. Jinping isn't interested with bitcoin, that's for sure instead they will make a coin for their country, a stable one under their government so it can be handle in any way they want, Blockchain is what we're talking. Large portion of miners came from China, what it tells? Chinese government are open with cryptocurrency. For now we can't talk about what's on Jinping's mind after talking about blockchain, we've known this country for long time, they are strategic about their financial terms.

When it comes to expectation of bull run from a celebration from any part of the country, I think that I am still a little bit very skeptical about that because people will need fund for the celebration, and some of them that has been keeping their money in bitcoin will tend to withdraw it to have some celebration, especially for those that do not have any extra money to spend.

For example, my rent is almost due and I have been looking for other ways to get money to make payment so that I don’t get to touch my savings in the cryptocurrency, all I have been trying is to no avail, so I might actually be tempted to touch it and then meet up with my rent need so that the landlord will not throw my property out, so imagine that in a year of celebration, many people pull their money out, it will surely make the market dump a little.

Bitcoin is the first success of cryptocurrency on blockchain and has the most attack resistance network and is the most trusted cryptocurrency and chain. No other coin will ever beat bitcoin. The government will only create a stable coin just like their fiat.

do not want to judge it bad or good, but one thing is clear, I am very impressed with China, they will not let anything without participating in it, in the real world, China has succeeded in becoming a developed country, whose technological progress is undoubtedly, while in their bitcoin world want to make a match for bitcoin, waaw is amazing to me .. !!

In China's case I presume it's largely going to be about supercharging the control they have over their economy and even the biggest sceptic can see how that could be achieved with a form of money that is 100% top down.

This article spells it out - https://decrypt.co/11445/how-trumps-helping-china-win-the-digital-currency-race

It's notable that not one Western government has made anything more than the faintest noise about anything crypto has created, yet here is the world's upcoming superpower going balls deep and using to gain an edge that is only vaguely being mentioned elsewhere.

The government are not willing to create a decentralized coin and yet they will not give support for the ones that has been created and just look for a way to regulate it, but because they want to be selfish in everything, they will rather prefer to create a stable coin and then impose it on their citizens instead of having a backing for this bitcoin.

One thing they are also making mistake in sis that many people can differentiate between a centralized coin and a decentralized coins, and believe me, no one want to stick around with a centralized coins, so even if they create that centralized coin, people would still prefer to for bitcoin any day and anytime as it will be the easiest way of having an anonymous transaction with less cost of doing so unlike fiat and any coin they might create.

I don't know if China is a friend or an enemy of cryptocurrency. I believe that this is just to FOMO the people. This country wanted to create news so that people will become excited for bitcoin bull run next year. Well, they will create new coin just like bitcoin then they should make a new one that all people will be interested.

They can make it because China is a very big country. And they can sustain whatever the development they want to.

This is good news for any country. I think China is technologically advanced in the present world. If China works with blockchain technology, there will be a lot of good news for the cryptocurrency world.

I don't really think the government of China has the intention of creating a crypto coin considering that the country has a good payment system which is totally perfect since the government can easily track people. I think the government wants to implement blockchain technology into the already existing payment system to increase the level in which transactions can be easily traced and also giving people financial freedom. Thid id just my assumptions. 

A Chinese crypto observer affirming what we all already know here - https://twitter.com/DoveyWan/status/1196413703492517889

At least they're not lumping in BTC with the blatant scamminess but I wonder what plans they have for it.

China will create its own cryptocurrency, it is unlikely they will be interested in bitcoin soon.

I think that in the crypto world. no one can replace Bitcoin with all its popularity, Bitcoin will still exist throughout the world.  even if there is a country that can produce some sort of coin I think it will not beat Bitcoin in terms of price or polularity.  Bitcoin is too strong to be matched in the crypto world.

Goverent, especially China's arent interested in anything they can't put authority so there's not a chane that they would create a perfect alternative coin that can dethrone bitcoin. Just the fact that they can't let anything decentralized be on their way, is a fine imperfection. China is mainly interested with blockchain technology, being a digital ledger that records transactions across many computers so data cannot be altered if not altered by other blocks, might be the reason why China is so accepting of it and not because they want to develop a new altcoin that would compete and try to bring bitcoi. down.

No matter how much powerful China is, still there's a lot of Bitcoin fan around the world that even though they will banned entirely Bitcoin in their country will not result to dead Bitcoin, there's a lot of investors out there wishing and hoping for the price dropped of Bitcoin so they can earn more, besides that there are countries who will fully adopt it and is already planning and having a meeting with how they are going to regulate it.

Yeah fan bitcoin around the world but most power full of bitcoin investor come from China, did you remember when China president announce for legal using bitcoin as currency payment, how increase up bitcoin price, now when China created their own coin we have lost hope with bitcoin when growing up to higher price.

but I have hope, if the Chinese government in the future will merge with bitcoin. so that it will become a digital economic power that cannot be underestimated. however, if that doesn't happen, there are new options that can create new directions.