China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down
Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene.
China's state controlled television explaining the basics of "first ever
blockchain technology" #bitcoin $btc, and how a distributed ledger works
Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.
Of course China caused a significant impact on the increase of bitcoin's price in the market.
Be reminded that the price of cryptocurrencies depend on various factors (e.g. political agendas/prohibitions, financial situation of countries, acceptance among countries, etc.) especially considering that China has the highest population which makes them the perfect candidate for miners and users. Along with its prohibition or acceptance, it will determine the outcome of the price in the market.
Before its announcement, the price of bitcoin was sitting around $7,500 and after Xi Jinping announced the acceptance of bitcoin, not only its price increased but also the stocks overall.