China Boosts Crypto Sentiment and Prices

by Marvin Dumont

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As the saying goes, be so good that they can’t ignore you.

On Thursday, China President Xi Jinping called on his country of 1.4 billion to “seize opportunities” in blockchain. The announcement improved investor sentiment, and increased Bitcoin prices by 29% over the past 3 days.

The rally also lifted the cryptocurrency market by nearly $50 billion to $255 billion, as of this writing.

President Xi said “We must take the blockchain as an important breakthrough for independent innovation of core technologies.”

Here are Xi’s other comments:

  • Blockchain has a wide array of applications in China
  • New guidance and laws are necessary
  • Testing of the tech should be widespread
  • Calls for the creation of the Blockchain+ platform that facilitates mainstream use cases.

Asia is a huge market for token economies, and more adoption will carry valuations for key currencies and tokens over the long-term.

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