Search volumes for the word "Blockchain" skyrocketed in China after President Xi Jinping said that his administration would embrace blockchain technology.
On Friday, Oct. 25, during the 18th collective study of the Political Bureau of the CPC Central Committee, Chinese President Xi Jinping emphasized the importance of blockchain technology and its role in new technological innovation and industrial transformation.
"We must take the blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation," said Jinping.
As the Chinese government vowed to put the nation at the forefront of the blockchain industry, the search volumes for blockchain-related keywords experienced a significant spike.
The same pattern repeated over the weekend on both Baidu and WeChat as searches for "Blockchain" continued to increase.
The weight that Xi Jinping put on "Blockchain" and not on "Bitcoin" during his speech was also seen in the search volumes for the word "Bitcoin." As a matter of fact, this keyword was searched around 50,000 times in Baidu and 1.3 million times in WeChat on Oct. 25.
The sudden spike in searches for "Blockchain" appears to have had a direct impact on the cryptocurrency market.
According to Binance CEO Changpeng Zhao, the strong support for blockchain development by China could be the catalyst for the next upswing.
Bitcoin companies in China suddenly all became blockchain companies.
In 2017, as well as $BTC ATH again at $20,000 in Dec. Today, President Xi Jinping stated strong support for blockchain development by China.
Interest for blockchain skyrockets on WeChat and Baidu in China
Udgivet den Oct 28, 2019
by Cryptoslate | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.