Bitcoin and Blockchain searches sprang up on WeChat after Xi Jinping appreciated the blockchain technology.
On October 25th, the search for Blockchain surpassed Bitcoin in China’s largest social media network, WeChat, by more than tenfold.
WeChat searches (10/23/19):
– 区块链 (Blockchain): 777K
– 比特币 (Bitcoin): 572K
WeChat searches (10/25/19):
– 区块链 (Blockchain): 9.2MM
– 比特币 (Bitcoin): 1.3MM
— Cole Kennelly ⬙ 🦄 (@ColeGotTweets) October 27, 2019
This increase took place on the same day as Xi’s speech. Chinese President Xi Jinping said the country should adopt Blockchain, the technology that underpins Bitcoin and other cryptocurrencies.
Although the country is responsible for a huge share in the hash power, cryptocurrencies have been banned in China since September 2017. President Xi Jinping in his comments seemed to endorse the narratives of Blockchain and not Bitcoin.
Positive impact on BTC price
While China maintains its stance on cryptocurrencies, President Xi’s positive attitude towards entrepreneurship has brought a dose of legitimacy to Blockchain and the crypto industry and had a profound fluctuation effect on the BTC price.
Shortly after China approved Blockchain, Bitcoin began to pump like crazy to re-encode its third-largest gain in history before making a 15 percent correction.
The big price movement coincided with the death cross of Bitcoin, which became a huge trap for the complaining bears.
Whether or not President Xi has raised the BTC price by 40 percent is controversial, but there is no question about the gigantic bet in Blockchain.
On October 26, China adopted crypto law that would encourage the adoption of technology by government agencies, educational institutions and social groups.