On Friday, China\u2019s leader, President Xi Jinping, absolutely floored the Bitcoin community. Speaking at a meeting of the Political Bureau of the Chinese Communist Party\u2019s Central Committee, Xi called for the adoption of blockchain \u201cas an important breakthrough for independent innovation of core technologies.\u201d<\/p>\n
State-run outlet Xinhua\u00a0revealed<\/a>\u00a0that Xi lauded the potential benefits of blockchain technologies in a swath of industries, including finance, education, health care, food security, and more.<\/p>\n These statements may seem rather bland \u2014 they seem like something any world leader would say in regards to a fledgling, budding technological class \u2014 but the Chinese president\u2019s statements will have and already have had a massive effect on China’s blockchain efforts. So much so that a Chinese bank \u2014 yes, a financial institution \u2014 has purportedly just made an investment in a massive Bitcoin startup.<\/p>\n The rumors of Bitcoin’s death in China have seemingly been exaggerated. According to Primitive Ventures founding partner Dovey Wan, an investor known for her insights into the Chinese market, China Merchant Bank has just announced an investment in BitPie, “the Bitcoin wallet with the longest history and most users in China.”<\/p>\n China Merchant Bank, according to NewsBTC’s knowledge, is a mid-sized financial institution in the nation with hundreds of branches. It’s no small fish, that’s for sure.<\/p>\n China… China Merchant Bank just announced invested in BitPie, the Bitcoin wallet with longest history and most users back in China … <\/p>\n \ud83d\ude33\ud83d\ude33\ud83d\ude33<\/p>\n Tho it's a non-custodial wallet there can be a non-zero chance ….[redacted] \ud83e\udd10\ud83e\udd10\ud83e\udd10<\/p>\n — Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) October 28, 2019<\/a><\/p><\/blockquote>\nRelated Reading: CME Bitcoin Futures to Print Massive $1,000 Price Gap: Bullish or Bearish?<\/a><\/h6>\n
Chinese Bank Invests in Bitcoin Startup<\/strong><\/h2>\n
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