China's state media outlet calls blockchain “Highly Ingenious”
It seemed like just yesterday the news out of China regarding Bitcoin and all other cryptos was all doom and gloom with promises of 'crackdowns' and 'regulations' causing the price of the entire crypto market to plummet.
Fast forward to yesterday, when the state owned media outlet The People's Daily, which is the mouthpiece of the communist governmental regime, came out with nearly universal praise of blockchain and Bitcoin in a statement designed to encourage exploration of advancement of the technology.
China's sudden willingness to publicly embrace blockchain and cryptocurrency is yet another reason to avoid the trap of bearish news cycles that proclaim the death of Bitcoin through regulation or crackdowns. It also lends credence to the idea that like Venezuela, China could be eyeing it's own form of cryptocurrency leveraging blockchain technology to try and compete with the likes of Bitcoin.