Bitcoin prices really are getting back on top after they have recovered after a weekend slump. This saw the currency fall well below $7,300 but the market has in fact seen a very small boost. This is all down to China, who moved their stance on blockchain. Bitcoin really has seen a jump in pricing this morning and this brought around a huge change in opinion from some of the countries to the east. They believe that this one small change could change the course of cryptocurrency forever, and this could well be the case. The BTC price is around $7,540 at the moment and there have been jumps across the board as well. In fact, the price of ETH is at $572 at the moment and that is nearly a 10% increase.
So why is BTC rising? The president of China, Xi Jinping has endorsed the potential of BTC by a significant amount and they have also helped a lot of global economies to rise as well. Xi Jinping has spoken to the academic conferences in China and discussed how blockchain technology could in fact be helpful. During this speech, the president noted that the blockchain really is crucial to the development of the nations and this is especially the case when you look at the 21st century and how things have changed so far.
The president has stated that ever since the 21st century came around, a new generation of the industrial revolution really is reshaping the global structure and this is all down to AI. The IOT and even blockchain is also having a huge impact on things so it will certainly be interesting to see how things play out.
The Chinese president has stated that he will open some national laboratories so that they can do some research to try and better the blockchain so it can prepare other people for the national future.
China has celebrated the advances in blockchain technology and they have also developed a much more comprehensive system as well. This helps to ensure that the country is always at the forefront of the economic reform. When you look at last year, you will soon see that there were plenty of comprehensive systems designed brought out and this is especially interesting to say the least. Last year, the state council introduced blockchain and they did this as a brand-new technology. This has been done as a 5-year plan, and only time will tell whether this is going to happen or not.