The worldwide crypto community has been reacting to Chinese President, Xi Jinping’s endorsement of blockchain. It is believed that this endorsement will create a chain reaction that will dramatically increase the mass adoption of the technology in China.
The endorsement of blockchain by Chinese President Xi Jinping created a gargantuan knock-on effect that will dramatically increase the technology’s penetration in China.
Chinese state media outlets reported on Friday 25thOctober that in a meeting of the Political Bureau of the Chinese Communist Party’s Central Committee, President Xi has called for the adoption of blockchain as an important breakthrough for the independent innovation of core technologies. According to a report in Cryptoslate on October 26th, this is the first time that the President has discussed the technology and its potential impact in a serious political context rather than in a university lecture.
Reports go on to point out the immediate reaction of the crypto community, with Primitive Ventures founding partner, Dovey Wan, revealing that mainstream conversation by investors immediately began to discuss the potential of the technology. Wan further revealed that Chinese universities have “started blockchain course offerings overnight” and that it is expected that local municipalities will react quickly to Xi’s sudden drive to adopt this technology with a flurry of announcements of blockchain initiatives.
The President’s statement has seen a sudden rally in China’s crypto assets as the rest of the globe caught up with the news and the potential that this represents for the technology’s expansion.
But the surge in interest is set to grow further. CEO and CIO of Three Arrows Capital, a Singaporean crypto fund, Su Zhu, is reported to have said that “…one billion people will see this news. Search volumes and web traffic will balloon…Parents will be urging kids to learn crypto and blockchain.”
As one of the world’s biggest economies, China’s embracing of the technology is set to have a powerful impact on blockchain’s mass adoption worldwide.