China Has Something to Do with Bitcoin's Price Increase After All

[Aying]

Of course, with the news that China is adopting blockchain technology that is used by bitcoin, it has an impact on the rise of bitcoin and also on January 1 2020, China made crypto regulation which means that China will legalize crypto again.

With this announcement are we sure that crypto will be safe because of expanding blockchain uses? we know that chinese governments was once planned to ban crypto on their country and all chinese users of crypto will be imprisoned. but the announcement will be about blockchain at all. we saw that this affect bitcoins price as well as altcoins. I was thinking that they contribute to the spread of crypto in different countries and can they help crypto projects to share their aspirations to help everyone especially in needed regions? hopefully this will serve as a way to spread crypto in all regions.

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[putukin]

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.

This is really good, but I have doubts that China will support Bitcoin. Most likely it’s just a guide where can Blockchain be used and nothing more. Although the president’s statement about Blockchain support shocked me, I didn’t think that a conservative like China would never do it

[gentlemand]

This is really good, but I have doubts that China will support Bitcoin.

Of course they won't support it. They may give attempting to control it or subvert it a try within China.

A Chinese bank just bought into Bitpie, the biggest Chinese Bitcoin wallet - https://en.cryptonomist.ch/2019/10/28/china-merchant-bank-buys-bitcoin-wallet/

At the very least that likely means attempting to bring Bitcoin users into their surveillance, or rather more than they do already.

[cheezcarls]

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.

With China’s new cryptography law will come into effect on January 2020, there’s a great chance that our market would go uptrend. However, I would not really count on that though. Since they’re only endorsing blockchain and not Bitcoin and other cryptocurrencies, there’s no such guarantees that China would finally embrace digital tokens in open arms.

Plus, halving is coming. For those of you who may think that it is going to cause a major uptrend, it will go backwards instead on a short-term basis.

It’s a good thing that China recognizes blockchain very well, but it will come in a long while that they will embrace Bitcoin and other cryptocurrencies as well to be adopted in the country.

[xiboothrezi]

It is part of China's strategy to adopt the blockchain, by educating its citizens on technology, products, bitcoin, and other things related to it will greatly assist the process. This article is quite informative, please read.
This is very brilliant I think, the impact is also quite fundamentally significant a few days ago, although this is not the only reason that the price of bitcoin is rising, it is quite influential.

[NeuroticFish]

Seriously now, 1.3 billion possible customers in the so-called biggest economy and all they can do is 2k?
NOT even mentioning the fact that most of the buys that triggered the bull run happened at around 1-2 am China time on a Saturday....which makes so much sense!!

I wrote in the same post: people buy by rumors.
They may expect further moves (which may or may not happen) which could affect the price. It has happened in 2017 too, isn't it?
It was, after all, much bigger than the "usual" week-end "strange" behaviors for the market.
Of course, I may be wrong too. If I'd know for good all these things I'd be rich by now.

China is so powerful! God created the world, yes. But the rest are made in china.
My pencil, slippers, mouse, keyboards, laptop, cellphone, cap, pen, head set, earphones, toothpick, glass, shirt, and almost everything that I see inside my tiny house are made in china.

If everything is made in China...can you somehow explain this

I've read @Darker45 post (from start to end!) as sarcasm; it was the only way I made sense to me 

[SummerBliss]

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.

Yes we dont deny the fact that China has contributed to increase in prices as it is the center of mining farms all over world and its decision of adopting blockchain technology has pumped the demand in the market creating huge investments by the investors leading to price pumps over $9500 at this time.If this pace continues than prices can easily cross $10k by the end of the year without seeing any correction.

[Shasha80]

When i reading the news about the president of China Xi Jinping want to develop blockchain technology. From there I conclude
bitcoin price increases do have a relationship with China. As we know if it is related to economic problems China always wants
to monopolize the market. So China wants to master the blockchain technology, in my conclusion will be interesting in the world
of cryptocurrency. We will continue to see how the continuation of China-related plans this blockchain technology.

[senne]

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.

You're reading way too much into it.
Whenever you will talk about the inception of blockchain, like it or not, Bitcoin gonna come in discussion. Xi Zinping clearly talked about embracing blockchain technology which could be disruptive tech in many sectors. He didn't talk about lifting any kind of ban that Chinese government has imposed on cryto.
Moreover, don't just assume that the whole population of 1.3 Billion gonna watch it. State controlled channels' reach isn't that high.

[boris2470]

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.

It looks like the most massive advertising of Bitcoin. Although, as statistics show, Bitcoin is not considered the top cryptocurrency in China. The most used there is EOS now. However, perhaps after such a reportage by CCTV.com the situation will change

[todiboa]

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.

China has undoubtedly influenced Bitcoin, supporting the implementation of Blockchain. However, the main reason for the growth was the news about Bakkt and the closure of a large number of short positions

[gentlemand]

You couldn't make it up.



The most interesting thing will be to see how other governments react to this. They can't continue to tread water making vague threats or compliments. And what's doubly interesting is how they choose to treat Bitcoin vs 'blockchain'.

From watching all those Libra hearings there's definitely an awareness that Bitcoin could float away and be embraced elsewhere to the detriment of the US.

[Leonardo7]

China's population coupled with their wealth can push the price to heaven. Anytime there is positive news from china about Cryptocurrency or blockchain, especially from the government angle, there is always a positive impact on the market. The rate at which the price of bitcoin picked is something else.

[Zeke_23]

China's population coupled with their wealth can push the price to heaven. Anytime there is positive news from china about Cryptocurrency or blockchain, especially from the government angle, there is always a positive impact on the market. The rate at which the price of bitcoin picked is something else.

Their reputation is their key. They have enough influence to attract other countries to get along with their decisions. Due to the announcement of the Chinese President, not only the citizen in China but also in other countries are now starting to store bitcoin, they expect to have something huge will happen on its price.

[CLS63]

We know that the actions of China affects Bitcoin price but of course China is not the only factor on the change of the price. First and foremost, Bitcoin has volatility and there are not certain times about what will happen.

[panganib999]

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.

As much as we want to stop thinking that bitcoin's price in the market is driven by any country, so as china, we can't deny the fact that China's reputation is very huge and powerful that their words could manipulate things. So if they declare that they will be acknowledging blockchain or they've already acknowledged blockchain and commend bitcoin for being one of its greatest customers in using a ledger, they'll surely could take part in changing and influencing people's mind.

[Artemis3]

China is so powerful! God created the world, yes. But the rest are made in china.
My pencil, slippers, mouse, keyboards, laptop, cellphone, cap, pen, head set, earphones, toothpick, glass, shirt, and almost everything that I see inside my tiny house are made in china.

If everything is made in China...can you somehow explain this miracle of economic trade?

1    China   2,157,000
3    Germany   1,401,000

Lol, one of the miracles of reality!
Of course, it might be that indeed everything you have in your house is from China, if....you're Chinese.

The Bitcoin ASIC miners are made in china. The largest Bitcoin mining pools are in china. The price increase of Bitcoin is caused by china. The dump in the prices is also because of china.
Bitcoin is made in china. Satoshi is chinese. Bitcoin is china!  

Fortunately enough, top 20 pharmaceutical companies are all located in Europe and US  

Actually the Chinese rich like to buy imported things, often from America and Europe. They even go to a franchise known to sell imported (expensive) American goods called, wait for it... Walmart. Indeed, Walmart China sells expensive American goods that most people can't buy there.

Pharmaceutical companies have a giant gotcha, some countries (i would bet China too) simply don't acknowledge their IP, and whatever those giants make gets copied as generic brands. Neighbor India is very large in that, and quality varies. The fewer Chinese rich can afford the expensive US/EU brands, while the masses go for generics. Just like electronics and clothing.

Declaring Satoshi Chinese is a bit of a stretch, but the other points are true. All Asic production that matters is in China. Bitmain, MicroBT, Avalon, Inno, etc, all Chinese.

China's capacity to manipulate bitcoin price in the market is debatable, but they are one of the largest. No matter how much you dislike them, they are stronger than most countries, its economy far surpassed the others when it became the world's manufacturing hub.

The Chinese rich are a minority, but that minority amounts to about 1 million people. The market of rich people in China is actually larger than in any other country. Have you seen the documentary People's capitalism of China? You would be surprised what those crazy Chinese rich do, and you have seen a few of them in the cryptocurrency space...

Do you know who is going to lose from the "economic war" started by Trump? USA. The Chinese know this very well, and they can simply wait until Trump is gone. Americans on the other hand, well, i guess they are wealthy enough to cope with higher prices of everything...

[cryptozink]

I totally agree with this statement " the entire concept is in direct opposition to their own domestic ideology of control, restrictions and regulations."

A lot of chinese investors and citizens hold or mine bitcoin. i presume it is not a significant portion of their population, but enough to manipulate market. prices have been seen to fluctuate as the Chinese government put out news or provide a glimpse as to where they are on regulating bitcoin and blockchain. China has never been a friend to Cryptocurrencies. the entire concept is in direct opposition to their own domestic ideology of control, restrictions and regulations. A quick google search of their domestic economic policy should give you insight into how they're going to handle bitcoin and other Cryptocurrencies.

As policy updates from the government come out, people are impulsively triggered to act on it and this influences both local and global markets of bitcoin-fiat pricing. There also is lot of speculation on Chinese investors getting into mining and HODLing which eventually secures the network and drives up the price as more people adopt on a global scale. if the Chinese government declares war, say bye to Cryptos adoption, or at least expect a slowly adoption.

[Calangaman]

Only when China allows local exchanges to operate again, I'll believe in their technocratic blockchain crap.

In the end, it's contradictory to promote blockchain while refraining projects from raising funds from investors.

Well, China is a world of contradictions...

[TRONTON]

this is more visible emphasizing the understanding of continuous adoption (propaganda) and in the end they catch many fish at once. But I don't deny they also started to do at least positive education.

so far they have always done the opposite thing on a large scale and I still believe it. Their fundamentals this time look like a "temporary control" technique for taking a stand of what is happening in the US. Then bitcoin rises dramatically? of course due to practical speculation.