- Xinhuanet urges the Chinese citizen to ignore the Bitcoin rally as there is no reason for its surge
- The Chinese reporter referred to the price of Bitcoin as a hype
- Chinese media bodies remain silent in Bitcoin matters
- Blockchains full potentiality will soon be released in the future
Xinhuanet, a Chinese state-backed press agency, seems to be urging the People’s Republic of China. To faith in the state’s blockchain policies. According to several report pieces by media outlets like Sina have revealed that Xinhuanet is urging the citizens of China to ignore the recent Bitcoin (BTC) surge.
Why Chinese media want their citizens to ignore the Bitcoin rally?
Xinhuanet is found urging their citizens to ignore the recent rally of the price of Bitcoin (BTC). It is found that Mao Zhenhua Xiaohui, a Tianjin-based financial reporter stated that, as there is nothing that clarifies the reason that caused the recent upward trend in the price of Bitcoin in the current market rally. So it will be better for the citizens to ignore the upward trend and focus on the state’s pro-blockchain policies.
The price of Bitcoin is referred to as “hype”
Xiaohui referred to the price of Bitcoin as “hype.” Additionally, Xiaohui mentioned that there are high risks associated with trading in the tokens like Bitcoin, which is continuing to rise sharply. According to Xiaohui, when the trading of digital currencies provide uncertainty, individuals should enter the straight and narrow or right path of blockchain. As several regulatory efforts and technological development are taking their place with agreements, the results can be realized in the future.
Large Chinese media organs remain quiet on Bitcoin matters
It is observed that large Chinese media organs like Xinhua mostly remain quiet in matters related to Bitcoin. In the current generation, cryptocurrency is being marginalized. Trading of cryptocurrencies and several activities that are connected with Bitcoin and several different altcoins are getting insignificant since the 2017s market crackdown.
The potential of blockchain tech is being observed
According to Xiaohui, the hype will remain fearless and determined in any case to fly and fall to earth, returning to blockchain technology. It is observed that the potential of blockchain technology is increased as technological advancement is moving hand to hand with regulatory custodians. It is believed that the superiority of consensus algorithms and the centered regulatory mechanism of blockchain will fully be released in the future.
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