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Canaan’Co-founder: China Never Alleged Bitcoin Unlawful, Bitcoin is Doomed to Pump over $100000

From 8 to 9 November, the World Blockchain Conference was successfully held in Wuzhen, the venue of the World Internet Summit. The summit is themed “Limitless Applications” with sessions including the opening ceremony. More than a hundred scholars, innovators, experts, gurus and opinion leaders from the fields of blockchain, digital assets, AI, and 5G gathered.

Speaking at the World Blockchain Summit in Wuzhen, China on Friday, Canaan’s co-founder Jianping Kong said that China never alleged Bitcoin illegal, Bitcoin is doomed to pump over $100000 according to China’s leading blockchain news media 8btc.

Canaan Creative is an Avalon bitcoin miner maker and one of the world’s largest crypto mining equipment manufacturer.

Kong believes Bitcoin is doomed to pump over $100000, quantum computation now can’t be the opponent against blockchain. In the future, there will more anti-quantum crypto technologies be born.

“Many people think halving is the only reason for bitcoin to pump over $100000, but I don’t think so. Halving is just a fuse as it only brings changes in supply and demand, but it doesn’t necessarily bring about a sharp rise in bitcoin prices as less support underpinned it.”

Kong believes the digital economy will become the driving force of economic growth in the future. Just put some leverage and allocate more cryptocurrencies such as bitcoin can we resist the economic downturn.


China’s policy on blockchain is to support technological innovation and prevent financial risks. After July 18, 2019, in all speeches of Chinese government, the expression “research” replaces “supervision”. Earlier in this month, Xinhua Daily, a Communist party-controlled media, has just published a front-page article entitled “Bitcoin: The First Successful Application of Blockchain Technology”. In his opinion, the development trend of global blockchain is compliance, innovation and application.

The China-based manufacturer of the Avalon bitcoin miner updated its IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It’s aiming to offer 10 million American depositary shares (ADS) with each at a price of between $9 and $11. In Canaan’s initial IPO filing from late October, the company set a placeholder amount of $400 million for its IPO ambitions. The latest figure may still be revised prior to its final listing.

As the first China-based crypto miner manufacturer publicly filed U.S. IPO. Canaan now was endorsed by president Xi’s talk on blockchain, and strongly supported by the local government as a star enterprise.

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