President of the People’s Republic of China and General Secretary of the Communist party of China Xi Jinping has recently announced seizure of the opportunity to adopt blockchain which led Bitcoin prices to come up 12 percent Friday. Just after the news published, the bitcoin market climbed off a five-month low earlier this week. Comments in favor of enterprise blockchain by Xi Jinping is well for sense around the crypto industry but an order was given by China’s central bank back in 2017.
Bitcoin, known as a central player in the whole crypto industry, is the authentic blockchain-based digital asset invested much ago. A number of industries and some leaders are adopting blockchain technology which led the entire crypto industry high and thus it took to a bullish trend.
At the beginning of the week, the cryptocurrency touched $7,363 and on the other hand Bitcoin reached $8,392. The price high happened because of the favorable comments of Xi Jinping which is his first profound remark regarding the technology indeed. Though other coins got prohibition to be traded, officials of China are developing a digital version of the country’s own currency.
The government wants to enter into the independent innovation of core technologies. Stepping up to this distributed ledger technology by the president, Xi Jinping, has caused the price hike of Bitcoin and Xi is an important person in the world. The present condition of Bitcoin market is much well and it was also well off back in 2019.
So in spite of China’s ban on cryptocurrency exchange in 2017, the remarks from the leader of the world’s second-largest economy could boost sentiment toward digital assets in general, providing a positive market canvas for bitcoin. Hopefully something special is waiting for the crypto industry.