Bank Of China Infographic Shows Why Bitcoin Is Going Up

A new visual is in the latest cryptocurrency news for illustrating the upward trend of Bitcoin. The Bank of China infographic was first released on July 26 by the central bank in the country, illustrating the value of Bitcoin.

The infographic features the entire story of Bitcoin, starting with the publication of its whitepaper in 2008 as well as the mining of the first 50 BTC in 2009, the milestone of 10,000 BTC being spent for pizza in 2010 as well as many other major milestones for the system. It ends with the announcement about Facebook’s Libra.

The Bank of China infographic was featured on many best cryptocurrency news sites. The CSO of Blockstream, Samson Mow, commented on it and said:

“Yesterday the Bank of China posted up an article about Bitcoin. They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”

Another part of the Bank of China infographic is dedicated to explaining why Bitcoin’s value is going up. It cites the limited supply, increased mining difficulty, BTC being used as a medium of exchange and the anti-inflation safe haven.

All of this goes in line with the remarks made by Morgan Creek Digital Assets co-founder Anthony Pompliano recently. The Bank of China infographic goes in line with his statements in which “Pomp” said that the European Central Bank’s expected dovish turn will provide “rocket fuel” for Bitcoin.

The infographic also mentions the infamous Mt. Gox hack, the risk of speculation and many stories of lost funds. As the image shows, Bitcoin’s main use is international settlements since its fees are low compared to the legacy system while its transactions are faster.

The Bank of China infographic touches on a lot of points which is why it is featured in the Bitcoin and altcoin news. As we recently reported, China was all over the news when the CEO of the Chinese tech giant Huawei said that the country can compete with Facebook for market share – by simply issuing their own cryptocurrency.

Earlier this month, Chinese media reported that the central bank is developing its own digital currency in the country – coming in response to Facebook and the Libra coin.