Crypto community reacts to Chinese President Xi Jinping's endorsement of blockchain

The endorsement of blockchain by Chinese President Xi Jinping created a gargantuan knock-on effect that will dramatically increase the technology's penetration in China, reports cryptocurrency investor and Primitive Ventures founding partner Dovey Wan.Blockchain goes mainstream in China.

On Friday, Oct. 25, Chinese state media outlets reported that President Xi called for the adoption of blockchain "As an important breakthrough for independent innovation of core technologies" in a meeting of the Political Bureau of the Chinese Communist Party's Central Committee.

State-run outlet Xinhua revealed that Xi lauded the potential benefits of blockchain technologies in a swath of industries, including finance, education, health care, food security, and more.

While Xi has discussed the matter of blockchain previously-he called it a technology that allows for "Breakthrough applications" in mid-2018-this was the seeming first time that the president discussed the matter in a serious political context rather than a university lecture.

Due to the Xinhua report, blockchain quickly became the topic of conversation among Chinese citizens and investors.

In a Twitter post, she pointed out that "Blockchain" graced the front page of People's Daily and top Chinese universities have "Started 'blockchain' course offerings overnight." Wan added that she expects local municipalities to soon announce blockchain-related initiatives to appease Xi's newfound drive to adopt this technology.

Parents will be urging kids to learn crypto and blockchain.

The Chinese leader's statement on blockchain has done more than just increasing public awareness of the technology; Xi's sentiment has resulted in large rallies in China's crypto-related assets.

The People's Daily article is ONLY Blockchain, no Bitcoin or crypto as always.

This Chinese blockchain concept stock has pumped over 100%.$XNET The power of Xi Pump pic.