China’s President Xi Jinping gave credibility to blockchain and crypto by calling for the adoption of the technology to be accelerated, Galaxy Digital CEO Mike Novogratz told an audience at the Reuters Global Investment Outlook 2020 Summit this week  in New York, Cointelegraph reported.

Michael Novogratz, who is famously bullish on crypto, said Xi’s comments in late October triggered the recent surge in Bitcoin’s price.

By urging China to embrace blockchain technology, Xi “just credentialized crypto and blockchain,” said Novogratz.

On October 24, Xi expressed a very positive stance on blockchain technology at the Politburo Committee session on blockchain technology trends. Xi emphasized that the adoption of integrated blockchain technologies is key to promoting tech innovation and industry transformation.