China is a big influence on the market and the world economy because of its economic status and how well it manages the whole country. Very powerful that its words and perspectives are very ideal to follow and be influenced at. Because of China's President Xi Jin Ping's announcement and words about blockchain technology being a good technology and a possible adaptation of the country to it, investors invested in blockchain-related stocks which could include bitcoin causing its price boost. How powerful.
Indeed China has big influence over all the market due to it's consumer base and the way it has handled economy but I don't think China adopting blockchain techno;logy will have any many benefits or pump for bitcoin as expected by us and what if Chinese government wants to dominate the world of digital currency just like it does dominates other markets and this digital currency might be a tool for them to attract investors who have invested into cryptocurrency. Only time and further progress will tell us about their intentions.
