Bitcoin Continues to See Gains After President Xi’s Announcement
Following recent news that blockchain advancements will be at the forefront of Chinese development across a range of industries, there has been an immediate reaction in Chinese tokens and crypto applications.
China Merchants Bank (CMB) has recently announced an investment in crypto wallet BitPie. BitPie is one of the longest-running crypto wallets in China.
China... China Merchant Bank just announced invested in BitPie, the Bitcoin wallet with longest history and most users back in China ...— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 28, 2019
Tho it's a non-custodial wallet there can be a non-zero chance ....[redacted] 🤐🤐🤐
Other wallets across the industry including Uwallet have also seen investment coming in from Chinese ownership, leading many to believe there may be a trend coming into place. With China aiming to gain an edge over other major countries in regards to blockchain, China Merchants Bank may be the first of many banks to join the industry.
CMB holds over 500 branches in mainland China and one in Hong Kong. It would be considered a large stepping stone for the roll-out of more blockchain in finance and technology.
With China aiming to research and develop more on Blockchain, mainstream use in the financial sector would be an important step. President Xi’s statements have certainly caused those in China to be more aware of the technology, with search results for “Blockchain” going from 800,000, to an insane 10 million.
With such a jump in interest, banks and businesses must see it as an opportunity to grow. According to the twitter post by Wan, this could be the start of the Chinese inflow to Bitcoin and other crypto projects with the Chinese public responding to their President Xi’s plans.
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