Chinas state-controlled television station, CCTV.com, recently hosted a segment breaking down
Bitcoin, according to a prominent trader that closely follows the regions 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 don't think this was a direct contributor in the rise. Only OTC exchanges are allowed in China, and they don't have a direct effect on Bitcoin prices -- that means Chinese residents lining up to buy Bitcoin won't affect the market that much and that quickly. It might have influenced people from other countries to buy though, which is what seemed to happen with Xi's statement.
China has something to do with Bitcoin's price increase. No one denies that. But, to be clear, the recent Bitcoin price increase is not solely about China. China was not everything to what happened. I don't like hearing statements saying China is the one that caused the pump, China is the reason why Bitcoin's price increased, China caused the massive dump, China is the one that controls the fate of Bitcoin because the largest mining farm is in China, etc. What do all these imply, that China is lording over Bitcoin? Or Bitcoin is in China's hands? I don't share this.
It might be a hard pill to swallow, but China undoubtedly has massive influence over Bitcoin. A vast majority of hashrate is behind their firewall, and we all know their government exerts a sizable degree of control over Chinese businesses (including most miners). Bitcoin can survive without China for sure, but it's going to be a massive stepback.