Bitcoin price: China trying to RESET and take control of blockchain | City & Business | Finance

mining is said to be on its last legs in as Beijing seeks to limit electricity supplies to bitcoin miners.

Jehan Chu, who invest in blockchain technologies, said 2018 will see bitcoin and cryptocurrency trading become a social phenomenon with “everyone talking about it”.

Mr Chu told Bloomberg that despite being popular amongst traders, it doesn’t mean cryptocurrency has an “inherent value”. 

“Blockchain technology is about software that is being built,” he added. “Cryptocurrency trading is just what we see on the surface.”

Mr Chu did, however, warn the Chinese Government is seeking to put an end to bitcoin miners operating across its country.

He added: “This is really kind of the final strike of the Chinese Government’s desire to reset the entire story of blockchain.

“I think what they want to do is clear their decks – they’ve done it with exchanges, ICOs and now they’re doing it with mining.

“I think ultimately they understand the value, potential and utility for society, economy and industry to build a new – I think that’s what they’re doing – this is merely Chinese Government taking control of what they believe a truly transformational technology.”

China is not the only nation hoping to take advantage of the popularity of cryptocurrencies. 

Venezuela has launched a brand-new cryptocurrency – nicknamed the “metro”  – which will be backed by the country’s deep oil reserves.

Venezuela’s socialist president Nicolas Maduro orders 100 million units of the new national cryptocurrency.

It is the world’s first cryptocurrency to be backed by a country’s physical assets and will be valued at the price of a barrel of oil, around £45.

The pioneering move is believed to be an attempt to bypass US-imposed financial sanctions, amid a spiralling financial crisis.

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