There is undeniable fact that the news from Chinese President Xi pumped the market first...
Yes, I agree that this news has a significant impact on the price of cryptocurrencies and added a lot of fuel to this recent spike.
But I think that was only because of the hyped word blockchain which was used in the speech and what is even more important in all news around the world and in headlines (made up game folks
) everybody started immediately to think about cryptocurrencies, but when he said blockchain - he means blockchain and not 3000 cryptocurrencies and let's be honest, maybe only 10 real cryptocurrencies and 2990 shitcoins
.
I have read articles from this speech and President Xi never mention the word cryptocurrencies, only said that they are very interested in blockchain technology and want to prepare China for new national stablecoin, additionally to implement blockchain solutions in various industries across the country. Still, he said nothing, no single word about Dash, BTC, ETH or any other cryptocurrencies which spiked because of that speech.
I already learned that when people talk about blockchain, the majority of the times they don't talk about cryptocurrencies, only blockchain technology itself or implementation into various products and other things, I can even hardly imagine. At the beginning of 2010 or even still at the end of 2013, I also thought that when I hear the word blockchain it literally means cryptocurrencies and in particular Bitcoin, but as I said, I learned very fast, that what they mean is exactly BLOCKCHAIN and nothing more.
I would describe it as evolving to the next crypto level when you finally realize that blockchain doesn't have to be or to mean cryptocurrencies anymore.
