BITCOIN: Endorsement From China
[Текст на српском] Bitcoin is still hovering around $9000 resistance line, but the big news, are coming from China… and they could change the World!
On Sunday, the reports started leaking from China: Xinhua agency and its respected newspaper founded in 1931, have featured a bitcoin story at the front page! Under the title “Bitcoin: the first Successful Application of Blockchain Technology” they have presented the technology in a surprisingly objective and positive manner. What does it mean?
This is one of the strongest signals that China is getting warmer on blockchain cryptocurrencies, after several years of desperately unsuccessful attempts to ban mining and trading bitcoin on its territory. First, on October 28th, Chinese President Xi Jinping gave a speech embracing blockchain technology and calling on his country to advance development in the field. It was revealed that China's central bank, the People's Bank of China (PBoC), has been working on its own digital currency, and furthermore, yesterday, on November 12th, Reuters came up with the report on the project, citing Mu Changchun, head of the People’s Bank of China’s digital currency research institute, who has given a press conference in Singapore.
As you may know, recently, U.S. lawmakers has scared off all the Facebook partners in their scam project called “libra”. Zuckerberg and his followers cried out foul, pointing out a concern that “China will gain tecnological advantage!” Well, breaking news for them: China already has immense, and unattainable technological advantage, and now it is going just to execute that advantage into the real world — they are 5G leaders, they have rockets that can reach the Moon for real, they are leaders in quantum communications, and now — quite naturally — they are preparing an attack to the defunct Bretton Woods financial system based on the U.S. dollar.
When can we expect China’s Central Bank Digital Currency (CBDC)?
After the unsuccessful war on bitcoin, China recently quietly endorsed its mining, and now China’s Central Bank (PBoC) is using a new system of certification of 11 types of fintech hardware and software products relating to digital payments. So, when we have clear signs of the cryptocurrency technology adoption, there is a natural question: When can we expect China’s Central Bank Digital Currency? And the answer is: Sooner than you think!
Three months… Opening its enormous economy for a trade using cryptocurrencies, and launching its own cryptocurrency (even if it was backed by gold) will end the dollar reign in a blink of an eye. You think it’s impossible? You have to know one thing for sure: China is a planet in itself. China can live without USA, because its own gigantic market. But USA without China market would be reduced to a second rate, debt ridden economy. Someone, please inform Trump.
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Love it or hate it but you have to admire Chinese ingenuity. They are hoarding more than 20,000 tonnes of gold. They control the largest USD debts handed over to countries around the world specially through their belt n road program. Now they are playing the crypto game smartly. They allowed mining do they can hoard more of BTC and alts. Now they are progressing with wider blockchain implementation. I won't be surprised if China overtakes US as the biggest economy in 2-3 years.
China already is the biggest economy, @sameerbtc. You still can’t see it through the filters of western statistics, but even with it, in 2014. World Bank has issued a report by which China has overtaken U.S. on the purchasing power of population, which is far more objective indicator than GDP. In trade with US, China has over 500 billion suficit every year (it has grown since Trump’s trade war), and it has larger trade with the ASEAN countries than with US. And now Trump starts trade war with EU, and they will have to turn to China full scale… It is either hot war, or the game is over.
It's coming little by little, it's inevitably coming...
Yes, @bescouted, it is coming little by little… until the breaking point. And then whole World is changed overnight. We shall see where will that breaking point be triggered.
Well, i hope it does not change overnight, really, tech still not ready for mass adoption, a fraction of people familiar with the concept, if it would change overnight we would have mass extinction of an epic scale... :)
No, @bescouted, there won’t be an extinction, but there will be a massive scam operation with a centralized currencies together with a cheap and simple phones/wallets to use. We already see the IMF attempt to impose it’s fraud called Special Drawing Rights (SDR). Watch this space… ;)