Bitcoin (BTC) Pumps 15% After China’s President Embraces Blockchain

Chinese President Xi Jinping addresses a forum on China-Africa cooperation (2015) (GovernmentZA / Flick)

The price of Bitcoin (BTC) has seen a major relief rally on Friday after Chinese President Xi Jinping declared that the country must focus on accelerating the development and adoption of blockchain technology.

During a speech as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi stated, “We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”

While Bitcoin was not explicitly referenced in his public statement, investors certainly have taken the speech as a bullish shift in sentiment for the industry. This has been enough to stem the bleeding, and Bitcoin is now back up above $8,500 after surging around 15%.

BTC/USD 1-hour chart (TradingView)

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Image: GovernmentZA / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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