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.