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

[error08]

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.

Then she said;
All I can say is this to me it's a sign of begining of the nationalization of Bitcoin/Cryptocurrency related infra in  mainland

Eventually, all things can be state-owned, or at least partially (mining, ASIC, exchanges, wallets, etc etc) Link

However, it's nothing until proven to be true. I don't buy Chinese news regarding bitcoin, they can't control it, they can't control bitcoin users although they have banned major things related to bitcoin.

[1715103763]

1715103763

[jseverson]

I wonder if this is true. Articles I've found also use this Twitter account as their source. It's really hard to tell what China would and wouldn't do at this point. It would also be interesting how people would react to censorship if it (potentially) favors them lol.

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...

They do allow OTC exchanges, which is something I suppose. And the only (or at least largest) reason they banned regular exchanges is to curb capital outflows, or so they say.

I do wonder why Xi himself would publicly come out in support of blockchain tech, but we can only assume they have something big in the works. I don't think it will be good for Bitcoin.

[pwetto]

The truth is the latest news from the president of China stating that they must assume leadership in blockchain technology has had a positive impact, there are many Chinese investors in the cryptocurrency market and with this kind of news there is more motivation and a favorable legal framework is expected for cryptocurrencies in China, where a large volume of people can use them.

[Darker45]

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  

I'm sorry if it sounded different to you. I admit I should have at least put a  in the end to make everything about my post a bit clearer.

Thank god the top 20 pharmaceutical companies are all located in Europe and the US or else they would have contained all kinds of herbal and opium and some weird parts of weird animals like pangolin and gecko. 

By the way, I am not chinese but through some modern and subtle ways of colonization I can feel that my country is made in china, too.

[Reatim]

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.

We knew how China move they will never act or deliver news without their own intentions to be pushed,what is very alarming here is after all their stands and denial about cryptocurrency,now they are seems to be soften their position?the question is why?and what’s the motive?for many reason I am thinking something not right for this blasted news

[stompix]

~

I'm sorry if it sounded different to you. I admit I should have at least put a   in the end to make everything about my post a bit clearer.

Thank god the top 20 pharmaceutical companies are all located in Europe and the US or else they would have contained all kinds of herbal and opium and some weird parts of weird animals like pangolin and gecko.  

Don't worry man, that's why I put three smiles after the pharmaceutical stuff, it was also a joke.  

But the whole everything is made in China stuff drives me nuts sometimes (not today)
Speaking from central Europe, I think that 90% of our clothes are made in India and Bangladesh. Went to a Nike store a week ago and everything there was made in India, I took the time this morning and checked, my Gillette blades are made in Poland, the foam is actually from the Uk, my shampoo in Germany and the balsam in Poland,  I got a fridge from Poland, the heating is part dutch part finish (the radiators) , the stove is Turkish, a lot of the small stuff like mixer, expresso are in Hungary, Turkey and Germany....actually I have no appliance in all the home that is made in China.

And the funny part, yeah my phone is made in China but my laptop is in Taiwan
Bottom line, nope, not everything is made in China and it simply can't and won't be.

And exaggerations like this drives people to think that China has bumped the price...

ps...
Today I learned a new thing, I was so sure that pangolins live in South America  

China's capacity to manipulate bitcoin price in the market is debatable, but they are one of the largest.

Nice contradiction:P
Bro, China matters to the bitcoins just as much as me and you!
The country where the capital city you can die of hunger with a phone full of bitcoins matters zero
All they do is faking, fake numbers, faking volume, faking usage, faking everything.

[Leyss]

Recently, Bitcoin practically did not react with its price to either positive or negative news. The events that took place in China, namely: the statement of the President of China that the country will strive to become one of the leaders in implementing blockchain technology, as well as that they talked about Bitcoin and the operation of cryptocurrency on state television in China, is not significant, which could lead to a sharp increase in cryptocurrency prices. The reason for the price increase, if any, is something else.

[jseverson]

But the whole everything is made in China stuff drives me nuts sometimes (not today)
Speaking from central Europe, I think that 90% of our clothes are made in India and Bangladesh. Went to a Nike store a week ago and everything there was made in India, I took the time this morning and checked, my Gillette blades are made in Poland, the foam is actually from the Uk, my shampoo in Germany and the balsam in Poland,  I got a fridge from Poland, the heating is part dutch part finish (the radiators) , the stove is Turkish, a lot of the small stuff like mixer, expresso are in Hungary, Turkey and Germany....actually I have no appliance in all the home that is made in China.

Yep, China doesn't actually provide the cheapest option for manufacturing anymore:

Rising labor costs have been driving factory emigration from China since long before Washington’s tariffs were a factor. Minimum hourly wages in the major factory hubs of Guangdong province rose from Rmb4.12 in 2008 to Rmb14.4 ($2.00) last year. Manufacturers, particularly low value-added ones like textile factories, have sought even cheaper labor in Southeast Asian countries, like Vietnam and Malaysia.

A quick Google search would show articles being written about it from years ago. A lot of stuff are still made in China, but the world's dependence on them for manufacturing is gradually diminishing. The notion of everything being made in China still has some degree of truth to it now, but is mostly outdated.

And exaggerations like this drives people to think that China has bumped the price...

I don't believe they orchestrated it, but the market has always been moved by narratives. Support from China (regardless of the authenticity being in question), which is perceived to be a huge thing by a lot of people could build hype and raise prices. No one can really say what drove it, but I'd say it's highly likely that Xi's statement was a factor.

[nasipadang]

China has contributed much to the crypto market fluctuations that occurred, when the ban on bitcoin exchangers, bitcoin prices began to fall. Continued with news of the adoption of the rising market blockchain. From this incident many perceptions arising from users, especially about the reasons China did it all.

[Xxmodded]

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.

After China have announce with legal using bitcoin and blockchain technology we are still waiting which one country want to adopt and legal for using bitcoin transaction again? have any other bigger country like United Kingdom, Japan, North Korea and Singapore want to adopt and legal bitcoin as transaction payment or not, if have many country available using bitcoin and altcoin as legal transaction payment I think will easy bitcoin raise to higer price.

[Argoo]

China has contributed much to the crypto market fluctuations that occurred, when the ban on bitcoin exchangers, bitcoin prices began to fall. Continued with news of the adoption of the rising market blockchain. From this incident many perceptions arising from users, especially about the reasons China did it all.

However, recently we see that Bitcoin is not as active as in 2017, it is responding to various news information. Recent events in China are generally not significant. The Chinese government has previously fully supported and implemented blockchain technology, so nothing, in principle, has changed. This news is not even directly related to cryptocurrency. Therefore, I do not think that the latest news from China has affected the rise in the price of bitcoin and the entire cryptocurrency. The reason for the growth is probably different or the growth is generally caused by a number of random factors.

[daarul50]

I wonder if this is true. Articles I've found also use this Twitter account as their source. It's really hard to tell what China would and wouldn't do at this point. It would also be interesting how people would react to censorship if it (potentially) favors them lol.

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...

They do allow OTC exchanges, which is something I suppose. And the only (or at least largest) reason they banned regular exchanges is to curb capital outflows, or so they say.

I do wonder why Xi himself would publicly come out in support of blockchain tech, but we can only assume they have something big in the works. I don't think it will be good for Bitcoin.

haha lol such a clown hypocrite they say A today and the next day say Z.
that is what will happened to anybody who thinks and acts aggresively like what china did to ban the whole thing involved bitcoin/cryptocurrency few years ago but in the end they found it something interesting recently and decided to make a bold announcement through their number 1 man in china Xi Jinping.
i don't know if it was a drama made by them , but yes i think china is well known making contradictive policies all the time.

intentionally? i think so , some people think china is pretend to be fool but the actual it is just the part of unusual politics strategy, yes politics! don't call me non sense please , you can read tons of conspiracy theory involved china all over the internet.

[figmentofmyass]

I do wonder why Xi himself would publicly come out in support of blockchain tech, but we can only assume they have something big in the works. I don't think it will be good for Bitcoin.

it probably has to do with their planned rollout of a state-backed cryptocurrency: China passes cryptography laws, laying framework for a national digital currency

The digital currency is expected to be backed by China's central bank, the People's Bank of China, and is being referred to as DCEP (Digital Currency Electronic Payment).

In 2014, the central bank set up a research team to explore launching its own digital currency, in order to cut the costs of circulating traditional paper money and boost the control of money supply.

While there is still no clear schedule for the currency's rollout, details are expected to be announced very soon.

In August, China's powerful State Council announced that the city of Shenzhen — which borders Hong Kong and is a major technology hub — would serve as a pilot region to test out the currency, although it is unclear when this will happen.

If the pilot proves successful, it's expected that Beijing will release the DCEP to commercial banks and mobile payment platforms, who would funnel and distribute the digital currency to the public.

i'm not sure that it's bad for bitcoin per se, but it looks bad for chinese citizens who will be using the currency. it will likely introduce a new level of mass financial surveillance the world has never seen before.

[DabsPoorVersion]

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.

After China have announce with legal using bitcoin and blockchain technology we are still waiting which one country want to adopt and legal for using bitcoin transaction again? have any other bigger country like United Kingdom, Japan, North Korea and Singapore want to adopt and legal bitcoin as transaction payment or not, if have many country available using bitcoin and altcoin as legal transaction payment I think will easy bitcoin raise to higer price.

China was clearly pointing about adoption of blockchain technology, they dont talk about exactly to bitcoin.
And, there are no other countries who are still making a move to legalize cryptocurrency, but they remain as neutral. They are still waiting for the right time as of now

[Reatim]

China has contributed much to the crypto market fluctuations that occurred, when the ban on bitcoin exchangers, bitcoin prices began to fall. Continued with news of the adoption of the rising market blockchain. From this incident many perceptions arising from users, especially about the reasons China did it all.

On a contrary it seems that another bull trap was created because of this Chinese presidents statements ,looking at the market until now after couple of days?does it seems to be a legit pump?i am afraid not because nothing good follow that run of more than $1k in bitcoin price and some percentage in altcoins ,I think we are heading for another correction if this is not a trap and another waiting until December to see if growth will be for us or until Halving next year

[Clement Kaliyar]

We knew how China move they will never act or deliver news without their own intentions to be pushed,what is very alarming here is after all their stands and denial about cryptocurrency,now they are seems to be soften their position?the question is why?and what’s the motive?for many reason I am thinking something not right for this blasted news

The Chinese government does not want a decentralized currency to overtake their fiat currency and they will do anything to stop the flow of money and that is what they did by banning all the exchanges and accepting blockchain does not mean they are softening their stance towards the currency part of the blockchain. The reasons are many to accept blockchain and it can be implemented elsewhere too rather than attached to a currency.

[yulionoo]

in my opinion the rise of bitcoin yesterday has something to do with the statement of the president of China who supports the blockchain. China is a strong and developed country and also the number of investors and the biggest miners of Bitcoin is also from China. so in my opinion it is not surprising that any cryptocurrency or blockchain policy taken by the Chinese government will have an impact on the price of bitcoin and altcoin.

[darewaller]

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.

I believe so too and I have also seen so many post that has said one or two things about this also which means big percentage of people also have this line of thought and at least for once in the history of bitcoin, we all have a reason why bitcoin price surge unlike before that we usually don’t know what caused the surge.

This media broadcast which even included the speech of the president as regards his stand for cryptocurrency really made a very great move to encourage lots of bitcoin holder and even made many people to start investing in it and I am sure that by now, India too would have already be dropping their plans to ban cryptocurrency having known that china has stepped down a little bit in his own plan of banning the blockchain projects.

[StayFly]

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.

After China have announce with legal using bitcoin and blockchain technology we are still waiting which one country want to adopt and legal for using bitcoin transaction again? have any other bigger country like United Kingdom, Japan, North Korea and Singapore want to adopt and legal bitcoin as transaction payment or not, if have many country available using bitcoin and altcoin as legal transaction payment I think will easy bitcoin raise to higer price.

China was clearly pointing about adoption of blockchain technology, they dont talk about exactly to bitcoin.
And, there are no other countries who are still making a move to legalize cryptocurrency, but they remain as neutral. They are still waiting for the right time as of now

There is no doubt China is the major reason behind the recent bitcoin price boost. China's president announced the Chinese government plant to adopt the blockchain technology and that is enough to change the market conditions. The people would be thinking China will be back again.   

[bitbunnny]

in my opinion the rise of bitcoin yesterday has something to do with the statement of the president of China who supports the blockchain. China is a strong and developed country and also the number of investors and the biggest miners of Bitcoin is also from China. so in my opinion it is not surprising that any cryptocurrency or blockchain policy taken by the Chinese government will have an impact on the price of bitcoin and altcoin.

I'm not sure that this statement made such impact on Bitcoin price. It seems that China can't decide what to actually do with Bitcoin and other cryptocurrencies, at one moment they want to ban it and at the other to support itso currently they are sending mixed signals.
However we need to make the difference because the president supported blockchain technology which is not the same as to support Bitcoin but people very often think this is the same thing.