meta_pixel
Tapesearch Logo
Log in
The Breakdown

Bitcoin Soars on China President Xi's Blockchain Comments

The Breakdown

Blockworks

Investing, Business

4.8806 Ratings

🗓️ 26 October 2019

⏱️ 16 minutes

🧾️ Download transcript

Summary

On Wednesday, Zuckerberg responded to the largely hostile US Congress by reminding them that, if the US didn't proactively assert leadership around digital currencies, then China would be more than willing to fill the gap. As if they coordinated it, China's President Xi then made his first formal comments ever about blockchain, asserting that China needed to take a leadership role. Bitcoin soared 15% (although whether related or not isn't clear) and crypto Twitter debated: was this an indication of how far behind the US is getting; an affirmation that blockchain can be a tool of surveillance and control; or both?  Watch: https://www.youtube.com/channel/UCMKxYhVC2lJat7iB9Gec5kw/videos

Transcript

Click on a timestamp to play from that location

0:00.0

Let's say China.

0:02.0

China, China, China, China, China, China, China, China, China, China, China.

0:10.0

China.

0:15.0

You go over to China, China, China, China, China, China, you take...

0:20.0

Welcome back to another crypto daily three at three what's going on guys

0:28.0

Yeah, so today it's October 25th Friday and we will be talking about

0:35.6

China because holy crap What a what a wild day. So let's, man, so much to

0:45.4

talk about. Let's go back a couple days to Zuckerberg's testimony in front of Congress, right,

0:51.1

about Libra. Obviously, you guys have all, you've been with me for the last couple days, you've heard both about what happened and then there are a reaction

0:57.8

to it on crypto Twitter. But let's talk a little bit about this one aspect of it, which is really

1:03.0

important, which is the role of China. So in the first set of hearings, as we talked about back

1:09.2

then, David Marcus was a little bit more coy about the whole China question, right?

1:14.6

He was mentioning other people were going to do it if we didn't.

1:18.6

This time, Mark Zuckerberg was much, much more explicit.

1:22.6

He talked about China explicitly. People asked him about China explicitly.

1:26.6

And it was really very, very clear that that

1:29.8

was the big baddie that they were trying to position. Ryan Schott Adams here summed it up.

1:35.5

Thusly, he says Zuckerberg's pitch to the US government, you can't let China pull ahead. We'll

1:41.0

bend the knee. You run the monetary policy. We build the tech. We keep USD as global

1:45.6

king, get rid of cash, and 10x your financial surveillance. Your dollar plus our tech. What do you say?

1:51.8

Well, I summed it up a little bit differently. I said, Zuck says, quote, if we don't do it,

1:57.5

China seriously will, guys. China the next day says, okay, let's do it. And pretty

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.