Crypto craze: Small toy figurines are seen on representations of the bitcoin virtual currency displayed in front of an image of China’s flag. Xi’s comments on blockchain has seen bitcoin’s value soaring. — Reuters
SHANGHAI: Chinese state media urged investors to remain rational and not equate Beijing’s support for blockchain as a boost for virtual currencies, after comments by Chinese President Xi Jinping drove up shares in blockchain-related firms and the price of bitcoin.
Xi said last week that China should accelerate the development of blockchain technology, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin.
His remarks sparked a rush into the shares of firms connected to blockchain or digital currency-related businesses.“Blockchain’s future is here but we must remain rational, ” the People’s Daily, which is published by China’s ruling Communist Party, said in a commentary late on Monday.
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