China writes blockchain and digital currency into nation’s future!

[janggernaut]

Just got a little shock when i seeing today Bitcoin price. After i searching on google, i have found this good news which i think the reason for bitcoin price soaring up from $55k to $58k

For the first time, the words blockchain and digital currency have been officially written into China’s blueprint for the next half decade. The National People’s Congress published the 14th five-year plan — a guiding document for the country’s future social development and economic growth — after the curtain dropped this month on Lianghui, or “two sessions,” the most important parliamentary meetings in China.

https://forkast.news/china-blockchain-digital-currency-five-year-plan/?utm_source=rss&utm_medium=rss&utm_campaign=china-blockchain-digital-currency-five-year-plan

We do know back then there was a news about China ban crypto on their country, but seeing digital currency going up until now, many countries adopted and allow it, even for big company willing to invest on bitcoin, so China decided to take this action.

Remember, China has biggest population in the world and there are many billionaires from China too.
https://www.census.gov/popclock/print.php?component=counter

Now we just need to wait for Bitcoin reach $100,000 or even more in the future.

[thecodebear]

To be fair they are probably just talking about their own digital currency, not public cryptos like Bitcoin.

I assumed this morning's boost was because Visa announced they are now allowing direct usage of USDC. Also not directly bitcoin related but is another step in mainstreaming cryptocurrencies. Seems like this is more likely what pumped the market than the China news.

[BrewMaster]

this is not new though and it doesn't even relate to bitcoin to be the reason for the today's rise. for years China has been talking about creating their own cryptocurrency and the more they fight with US and the more the world moves way from US dollar the more they have been pushing for their digital Yuan thing. it has also been official for some time now.

[LUCKMCFLY]

China has always taken advantage of the stages of Bitcoin in Pro of benefit to them, I do not know if you remember, but there was a time where China made a lot of FUD towards Bitcoin because they were in the development of their stablecoin, in fact they had a lot of panic about Facebook's Libra After Libra postponed its launch, China began to be Pro-Bitcoin and Pro-Blockchain, where there was a lot of publicity from China where they could be monitored on their phones, to the point that China came to accept Blockchain technology in a good way.

Some time later, the Chinese government took the opportunity to speak highly of its new stablecoin and speak ill of Bitcoin, this is a matter of knowing how to take advantage of the moment, if now with these announcements the Chinese government must be in search of something, and despite the fact that China is Very big, any favorable news for Bitcoin from there moves the emotions and if this happens the purchases begin, it is something normal, we could see a good favorable boom for the market.In conclusion, every good thing that happens is favorable for the Bitcoin market.

[Fundamentals Of]

It doesn't have anything to do with Bitcoin so I don't think it is in any way related to Bitcoin's price soar lately.

The words digital currency and blockchain do not mean anything special at all. They do not even necessarily refer to cryptocurrency.

And China again? C'mon, let's stop making a big deal of whatever the Chinese does. They do not dictate Bitcoin's price, much less its future or success.

[leea-1334]

I doubt this had anything to do with Bitcoin price recovery yesterday. Remember, Bitcoin does mean digital currency and blockchain,,, but not necessarily the other way around. All you need to do is look at 2017 to see thousands of blockchain and digital currency projects, most of them centralized and totally wrong, to see how bad it could be for Bitcoin and crypto in general.

Still good news, but not as big as we think.

[Wexnident]

China has always seen blockchain and digital currencies as something they could use in their country. They may hate Bitcoin with a passion, but not necessarily the system behind it (Since they can't control Bitcoin after all). Afaik in the past years there were talks about China's own digital currency, though it seems like the news about that has died down, maybe due to close to zero advancements being made into it. Still, The relation between the two seems to be quite farfetched imo? I mean, I'm pretty sure even Chinese investors would've invested already in Bitcoin (and maybe other cryptos), even if China didn't announce it as such. Investors are in the end, swayed by what they seem to profit them, not by what seems to profit a country.

[passwordnow]

To be fair they are probably just talking about their own digital currency, not public cryptos like Bitcoin.

Yeah, I remember in the news before that they've talked about CBDC.
https://www.coindesk.com/central-banks-of-china-uae-join-hong-kong-thailand-cbdc-payments-project
https://www.cnbc.com/2021/02/24/chinas-pboc-joins-cross-border-digital-currency-project.html
But with these news, this also triggers the price of bitcoin to go to the next ATH that we're waiting for. I agree about $100k and that's very possible like what everyone is wishing for anytime soon.