The Chinese state agency Xinhua has published an article on the front page entitled “Bitcoin: the first successful application of Blockchain technology.”
Since President Xi has commented positively on blockchain (and the rate has increased by 40%), there has only been hosanna.
Chinese state newspaper today (Xinhua)
Bitcoin: The First Successful Application or Blockchain Technology Https: //t.co/85icR9FcAH pic.twitter.com/8ZOF6UBSzw
– Matthew Graham (@ mg0314a) November 11, 2019
Bitcoin a tulip mania
If you speak the language and want to read the message yourself, you can also do so on the website of the newspaper. To the extent that Google Translate is reliable, the newspaper report answers the question of whether bitcoin is an inevitable development, or a hype such as the tulip mania.
The article then explains that bitcoin is different from money that is lost, and that gold and silver are not the basis of the value. It is also explained what blockchain is and that bitcoin is the first successful application. And that is no different, since the birth of bitcoin was accompanied by the birth of blockchain.
The article also briefly discusses the technology. Bitcoin is called an open source P2P cryptocurrency. Readers also receive an explanation of how transactions and mining work. The only mistake in the article is that bitcoin is widely used for money laundering and for buying illegal things on the dark net.
Blockchain is a breaking point
Xinhua is not the only state newspaper that is positive about blockchain. The People’s Daily, the official mouthpiece of the Communist Party of China, called the development of blockchain recently “a breaking point,” one that China should embrace.
These are also the words of President Xi Jinping. He publicly stated that blockchain is an important opportunity for the communist state.
More positive news
Since his verdict, the threat that mining bitcoin would be declared illegal is also no longer realistic. The Chinese National Development and Reform Commission has withdrawn the ban.
Now that so much positive bitcoin news is coming from China, it is waiting for China to lift the trade in bitcoin and cryptocurrencys. This has been effective since September 2017.