In news out earlier today, China has announced that it will be adopting bitcoin as it's national and native currency.
The news has shocked onlookers and surprised many in the space.
The news is being reported this morning by the Chinese Crypto Gazette, often the first to have breaking news from the region.
Bitcoin has responded favorably to this news, shooting up 10% in a matter of minutes:
(Source: https://www.coinbase.com/dashboard)
The president of China, Xi Jinping had this to say about the release:
"After much study, we have decided that outlawing/banning bitcoin and cryptocurrencies was counterproductive to advancing our technology. After further consideration, China has decided we want to be the next technological global powerhouse, and we believe this is a step in that direction."
Rumors are circulating that the US is also considering taking similar actions so that they do not fall behind in the technological arms race.
We shall see how this all unfolds.
By the way there was one more newsworthy point to report, April Fools!
Yes that is right, if you couldn't tell already, this post was entirely an April Fools joke. China is not really accepting Bitcoin as a form of payment or as its national currency.
I can dream though.
Stay informed my friends.
