Why China’s Interest in Blockchain Will Ultimately Be Bad For Crypto

Last week, Chinese President Xi Jinping gave a speech where he praised the blockchain technology many crypto assets are built on and urged his country to ensure it is at the forefront of future developments in the space.
Bitcoin and other Chinese altcoins pumped on the news, with Bitcoin setting it’s third-largest one day gain in the crypto asset’s history. However, news that China is entering the blockchain arena may ultimately spell bad news for cryptocurrencies like Bitcoin and ot