The Bank of China, one of the largest state-owned commercial banks in China, has published on its website an infographic detailing the history of Bitcoin, its economic impact, and the implications of cryptocurrency, culminating in Facebook’s Libra coin announcement.

Charting Bitcoin’s Journey from Beginning to Present

According to a report by Cointelegraph, the infographic published on July 26th showed the beginnings of Bitcoin — its whitepaper released in 2008, the first Bitcoin mining in 2009, purchasing goods with Bitcoin in 2010, key events for the cryptocurrency, and Facebook’s recent announcement of Project Libra.

The post came as a surprise to many in the crypto community, as Chinese regulators have recently been characterized as hostile towards cryptocurrencies.

Blockstream CSO Samson Mow said in a Twitter post, “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”

The Pros and Cons of Bitcoin

Though the infographic mentioned factors contributing to the higher value of Bitcoin, it also addressed negative issues, from the complicated process of mining to its limited supply. Moreover, the Bank of China noted that the virtual currency is also relied on as a safeguard against inflation.

This idea echoes sentiments by Anthony Pompliano, Co-founder of Morgan Creek Digital Assets. Pompliano predicted that the changing policies of the European Central Bank’s will become “rocket fuel” for Bitcoin.

Source: https://cointelegraph.com

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