How does the adoption of China affects the crypto market and blockchain industry

[Jayson (Torum)]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

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[CryptoBry]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

The President of China Mr. Xi Jinping exhorted China to be on the forefront in exploiting the potential and possibilities that the blockchain technology is bringing to the country, actually he was not mentioning Bitcoin or cryptocurrency for that matter. However, there are those who are seeing the silver lining in his statement, that possibility that the easing and appreciation of the blockchain technology will one day soften the stand of the government against Bitcoin. In case, one day China for whatever reason will officially make the China open for Bitcoin this can make the coin explode in value as this has been what many are craving for. As to the question of influence, that is unavoidable but I think the market is very much ready to embrace that possibility in return for massive adoption in that country which counts more than a billion people on its civil registry.

[blckhawk]

It could have potential impact, but I doubt the pump to $10k is caused by that. It looks more like a whale buying into the market and is only a manipulation. However, it could still have an impact, combined with the latest news about Bakkt partnering with Starbucks, alongside with various players in the market entering the cryptocurrency, such as BTT by Bittorrent, and also to consider the next halving is quite near, another bullish run is possible.

[Darooghe]

For me, it doesn't matter what China does at the end of the day. I usually ignore every "China blockchain adoption" or "China bans crypto" news. too many of those news on a daily basis. I think almost everyone of those news, rumors, announcements and etc, isn't really serious and substantial. Very often it's even just the fantasy of some shill. Currently, we can't say for sure which positions the Chinese government and main corporations hold, and I think they even don't know by themselves. all we have are the opinions of some managers and politicians, but it's still very vague. I think China wants to observe how the whole Crypto thing develops, check it's advantages and disadvantages, then one day, come up with regulations.

[trumpman]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

Well, China is a rising economic super power. And China consists of almost 1.4 billion people!

Even if China allows the use of only...Made in China crpytos and bans the rest, all this increased interest is bound to have some effect in BTC and all other cyptos. Despite goverment internet,censorship, many Chinese folks know how to bypass it to access the stuff we westerners enjoy.  So, all in all, I think it's gonna be a good thing, both in regards to price and adoption!

[chaoscoinz]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

If I'm not mistaken, don't the chinese control most of Bitcoin anyway? I though they controlled a majority of the mining operations, no? Either way, more adoption seems to help the market prices. I feel like the more adoption that takes place, the higher the volume, the better chance we have at staying at the current market price or elevating it.

[Red-Apple]

this recent news had nothing to do with bitcoin since they are talking about the technology that bitcoin uses and thinking about adopting that instead of bitcoin.
in fact this is the main reason why it had nothing to do with the recent rise since the news wasn't even related to bitcoin it could not cause any bitcoin price rise.

as for what it means in long term, introduction of people to the technology eventually introduces them to the correct way of using it (that is decentralized) and pushes them towards bitcoin.

[Wapfika]

China may really have an impact in crypto but not necessarily mean that they control the industry or market, people or whales just hype in the announcement of the President's interest since Exchanges is still ban in China. If ever adoption happens in them again and will not pursue to their centralized own coin, their comeback will give influence again in the market as many blockchain technologies now implemented nationwide so with or without them. in time adoption in many areas will happen that can give increase again in crypto prizes.

[BrewMaster]

what's up with all these Chinese news lately? the hype or the opposite (FUD) is already dead when it comes to China. it has been apparent that people don't take any news that has China in it seriously anymore for good reasons too. it is because 99% of them are either fake or greatly exaggerated.
for example in this case, we still haven't seen any changes in adoption in China. things are pretty much as they were before with no exchanges and people who are only investing in bitcoin if they could buy it off the market.
if we are to speculate we should wait until they actually do something instead of only making statements and then make our speculations.

[TGD]

For me, it doesn't matter what China does at the end of the day. I usually ignore every "China blockchain adoption" or "China bans crypto" news. too many of those news on a daily basis. I think almost everyone of those news, rumors, announcements and etc, isn't really serious and substantial. Very often it's even just the fantasy of some shill. Currently, we can't say for sure which positions the Chinese government and main corporations hold, and I think they even don't know by themselves. all we have are the opinions of some managers and politicians, but it's still very vague. I think China wants to observe how the whole Crypto thing develops, check it's advantages and disadvantages, then one day, come up with regulations.

You should consider it especially if you are a trader. There are so many whale traders in China and most of them are trading based on news. China has the majority of hash rate of BTC mining so there country news has huge impact in crypto. Even though we can consider it as shill but we can't deny the fact that it really affects the price of BTC ever since China enters in cryptocurrency. You can verify for yourself if you view the history of Bitcoin price and cross check the news at that time. Most of them are related on China. Even in crypto china dominates the world, They are really good in economics.

[Artemis3]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

They mention blockchain but not Bitcoin. This is not "adoption", you can make plenty of garbage projects using "a blockchain".

If they make a State backed central fiat like cryptocoin, it won't make any difference to Yuans. Its perhaps worse than those. Its actually a disturbing trend, the complete opposite to Bitcoin's freedom.

Hopefully, when "studying the subject" some more people will inevitable learn about Bitcoin and the freedom it grants, so it may indirectly subvert a bit the state oppression, if only the people learn there is this money out there controlled by no one...

Just imagine the day the money and State become separate, but not controlled by 4 banks as in Hong Kong...

[Shasha80]

I feel that the Chinese president's speech in support of the blockchain has had very little effect on the crypto market. Because in fact
the rise in price of bitcoin in my opinion because of whales who want to manipulate the market. Actually it was clear in the speech of
the president of China that only supports blockchain and does not support bitcoin and cryptocurrency, because China wants to make
their own coins. If my guess is right China wants to make coins who beat bitcoin. It sounds like a joke but as we know China is always
ambitious everything related to money.

[Rodeo02]

I feel that the Chinese president's speech in support of the blockchain has had very little effect on the crypto market. Because in fact
the rise in price of bitcoin in my opinion because of whales who want to manipulate the market. Actually it was clear in the speech of
the president of China that only supports blockchain and does not support bitcoin and cryptocurrency, because China wants to make
their own coins. If my guess is right China wants to make coins who beat bitcoin. It sounds like a joke but as we know China is always
ambitious everything related to money.

As i understang what chinese president say  dont want to replace bitcoin, but they want to have thier own crypto currency with less volatility and  backed by thier own currency in that way they can easily addopt blockchain technology.

[teosanru]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

I think jinping only said to explore opportunities in blockchain and almost every government around world has said this because blockchain is such a miraculous invention. When it comes to Cryptocurrencies they are still a pain in the ass for most of the governments. I think this statement is merely start of an initiative and it doesn't indicates that bitcoin exchanges can be un banned in India. I am very interested to see how China explore opportunities in Cryptocurrencies.

[alyssa85]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

It won't have any effect. "Blockchain" is just a buzzword being used by politicians, leaders and start-ups to burnish their tech credentials.

The essentials for a successful cryptocurrency are a) can you trust it and b) is it liquid enough for you to be able to either use it in commerce or cash out into fiat to pay bills.

I doubt anyone outside China will trust a coin issued by the Chinese govt and I doubt such a coin would get listed on western exchanges.

[k@suy]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

we all know, that China is one of the most influential country in the whole world, chinese are good bussinessmen and investors, they know how to manage, regulated and make more money than anyone in the world I think, seing China has already shows their interests in cryptocurrency and blockchain could be an eye opener to its partner countries, neighbor countries to take a look for this thing that can help the economy.

[Willitivity]

The adoption by China is actually a move in the right direction for cryptocurrencies and Blockchain technology in general. Here's the ticker, with China adopting and preaching Blockchain of recent, other countries will soon gradually adjust their positions and starting seeing the need to also take up Blockchain technology.

[dothebeats]

Not that I’m saying that these projects would be highly political but it seems that everything would be as is described here and given that Xi Jinping also expressed that ‘they’ which, I assume would be the communist party, would be taking care of approving the projects and whatnot. The blockchain development in China might be a cut-throat competition due to the strictness of everything but the effects would be massive IMO as soon as projects start rolling in—price wise and adoption wise.

[Kprawn]

Just remember that he was referring to Blockchain technology and not specifically Bitcoin. He is doing this because people in his own country are

criticizing his governments decision to create their own digital currency that would be based on Blockchain technology. The speculators and the

media immediately saw this as a opportunity to hype Bitcoin, because Bitcoin is the mother of all Blockchain technologies. Literately all other Crypto

technology was born out of Bitcoin's Blockchain technology. 

[Asuspawer09]

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

They mention blockchain but not Bitcoin. This is not "adoption", you can make plenty of garbage projects using "a blockchain".

If they make a State backed central fiat like cryptocoin, it won't make any difference to Yuans. Its perhaps worse than those. Its actually a disturbing trend, the complete opposite to Bitcoin's freedom.

Hopefully, when "studying the subject" some more people will inevitable learn about Bitcoin and the freedom it grants, so it may indirectly subvert a bit the state oppression, if only the people learn there is this money out there controlled by no one...

Just imagine the day the money and State become separate, but not controlled by 4 banks as in Hong Kong...

In the past year the bitcoin community is getting bigger and bigger and bitcoin become popular a lot of companies in China already have a lot of interest in bitcoin and as we know a lot of mining company is from china in my opinion china did see the potential of bitcoin in their society because of the bitcoin technology that is very futuristic. China is always adopting and innovative when it comes to their technology and also there were very sensitive to their security and the security of their society they are very careful about this matter and they want to control cryptocurrency when it comes to their country.