China Shut Down Crypto Hype - Definitely Don’t Support Bitcoin

According to state media, China should embrace blockchain tech however they shouldn’t speculate on digital assets like cryptocurrencies, specifically, Bitcoin.

Reports surfaced today from Reuters stating quotes from the local news outlet, The People’s Daily, which says that the previously-announced support for blockchain should not be read into as support for the digital asset.

It’s worth noting that the local publication is under the direct control of the ruling political power of the Communist Party of China.

The outlet states:

“Blockchain’s future is here but we must remain rational. The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

Did China Trigger the BTC Surge?

This warning came just days after Chinese president, Xi Jinping, publicly promised to make the nation, the globe’s number one blockchain environment in a speech. His words came alongside with China signing a new crypto law governing various aspects of blockchain tech, to enter the space next year.

Many have indicated that the events triggered a big surge in the bitcoin price which took a big hit last week. Now priced at $9.4k, the leading cryptocurrency is in the green and is looking positive, however, was it really China that caused it?

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

Cryptocurrency trading is massively banned in China, however, with Xi not noting anything which could suggest a change in policy. 

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!