Many wrote off Chinese president Xi Jinping’s recent endorsement of blockchain as non-beneficial for Bitcoin and other cryptocurrencies. But this is quickly proving itself to not be true.<\/p>\n
For those who missed the memo, a quick interlude. On Friday, Chinese state media outlet Xinhua revealed that China’s leader had called for the adoption of blockchain \u201cas an important breakthrough for independent innovation of core technologies\u201d in a meeting of the Political Bureau of the Chinese Communist Party\u2019s Central Committee. State-run outlet Xinhua revealed that Xi lauded the potential benefits of blockchain technologies in a swath of industries, including finance, education, health care, food security, and more.<\/p>\n
While President Xi’s focus was evidently on the benefits of blockchain technology, the ripple effects of his statements have affected China’s view on Bitcoin. So much in fact that China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down BTC, according to a prominent trader<\/a> that closely follows the region’s cryptocurrency scene.<\/p>\n Panda, who propagated evidence of this online, remarked that CCTV “explained the basics of the ‘first-ever blockchain application’ Bitcoin, and how a distributed ledger works” in a recent segment. It isn’t clear how many individuals were watching at this time, but the number was likely easily in the millions. Easily.<\/p>\n China's state controlled television explaining the basics of "first ever blockchain application" #bitcoin<\/a> $btc<\/a>, and how a distributed ledger works<\/p>\n Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works. pic.twitter.com\/VcIMlxmkQM<\/a><\/p>\n — RamenPanda (@IamRamenPanda) October 27, 2019<\/a><\/p><\/blockquote>\n\n