Speculations that Bitcoin would see a massive turnaround by November is already getting thumbs up from reputable personalities in the crypto space especially now that the technology behind the cryptocurrency, blockchain, gets nod from the world’s most populous country, China.
Chinese-Canadian business tycoon Changpeng Zhao has also joined the train. CZ, who founded Binance, stated that not less than 1.4 billion people are now working on Bitcoin, inferring that this would mean something huge for Bitcoin’s price in the next few days.
Although the CEO did not make full clarification about the exact set of people whom he claimed are working on Bitcoin, but the likelihood that he’s referring to China is very high.
China has a population size of around 1.4 billion, and the country recently acknowledged blockchain technology. Now, China is working on their own digital currency DCEP, and reports affirms that the currency is ready for launch.
Even though China is yet to give Bitcoin and other cryptocurrencies approval, the warm welcome it handed to blockchain steered up speculations that the Asian country will in a matter of days change its stand on the currency, especially when its own digital currency goes live.
Zhao furthered that Bitcoin will soon rally up beyond expectation, with a break out of the bear zone. His forecast reflects that Bitcoin will soon surpass its year -to-date high value.
CZ said although the timing may not be right, “we will see $16k soon-ish.”
Lol, price predictions are easy. It's just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak. https://t.co/mf9hKpP6Js
— CZ Binance (@cz_binance) November 1, 2019
China is in for Cryptocurrency, Blockchain
China is very close to the launch of its central bank cryptocurrency, the country has been saying for some time now.
According to a statement from China President Xi Jinping, the country is fast becoming the hub of cryptocurrency ahead of the United States, and will launch its Central Bank digital currency “DCEP” soonest.
The launch of DCEP according to the vice chairman of China Center for International Economic Exchanges (CCIEE), Huang Qifan, is to hamper the hegemony of the U.S. by incapacitating SWIFT and CHIPS, the two tools allegedly used by the country to wage financial war.
The announcement by the President of China has resulted in several bodies launching ideas believed to be favoring the growth of cryptocurrency and blockchain technology in the country.
Blockchain is now being embraced by political parties in the country. The Publicity Department of the Central Committee of the Communist Party of China (CCPPD), shortly after the president’s announcement launched a video series focusing on educating people about blockchain technology and cryptocurrencies like Bitcoin, Ethereum, and some other.
Also, a local government in China is doling out a huge amount to finance indigenous blockchain projects.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.