One of China’s most exciting blockchain projects has been seeing some positive movement ever since the nation’s President Xi Jinping announced that China would “take the leading position in the emerging field of blockchain.”
The cryptocurrency in question is NEO.
Ever since the president’s speech on blockchain, NEO has surged by almost 100%, and it is now suggesting, it will move upward in advance.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
The Chinese government promised to put the country at the very front of blockchain technology adoption, on 25th October.
Several agencies under the control of President Xi’s administration immediately began putting that plan into practice.
Mati Greenspan, the well-known eToro Senior Market Analyst, recently spoke to CCN where he said the impact of “China’s huge push” towards blockchain is already being seen across the globe.
According to Greenspan:
“NEO is a cryptocurrency network whose main value proposition is that it is Chinese regulatory compliant. This gives it a huge advantage for any new Chinese blockchain startups.”
Another big crypto analyst, CryptoVince said to CCN:
“The 100% upward move NEO experienced is pretty much based on China’s decision to embrace blockchain technology. I wasn’t so confident that this crypto was going to stay this high for so long, but it has managed to continue its uptrend. Usually, quick upswings end in quick retracements. But, NEO has obliterated the bears and bulls are now in full control.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!