• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Binance Founder CZ Receives Presidential Pardon From Donald Trump
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Binance Founder CZ Receives Presidential Pardon From Donald Trump
China Forces Bitcoin Miners to Scale Down Amid Electricity Shortfall

Chinese Bitcoin FOMO: Major Bank Invests in Popular BTC Wallet

Osato Avan-Nomayo
by Osato Avan-Nomayo
5 years ago
·
Posted in Bitcoin News, Bitcoin, Bitcoin Acceptance, Bitcoin Investment, Bitcoin Wallet, Companies, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Chinese bitcoin FOMO appears to be on the rise as a major bank has reportedly invested in a local wallet platform. This report marks another significant crypto and blockchain-related development from China as the country appears to be moving towards government-approved adoption.


China Merchants Bank Invests in BTC Wallet Service

Tweeting on Monday (October 28, 2019), Dovey Wan co-founder of Primitive Ventures revealed that China Merchants Bank has invested in BitPie — a non-custodial bitcoin wallet service.

China… China Merchant Bank just announced invested in BitPie, the Bitcoin wallet with longest history and most users back in China …

😳😳😳

Tho it's a non-custodial wallet there can be a non-zero chance ….[redacted] 🤐🤐🤐

— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) October 28, 2019

According to Wan, BitPie is the longest-serving bitcoin wallet platform in China, with the most users. The investment in BitPie comes only a couple of months after the bank’s shares fell 13.7% amid ongoing investigations in the U.S. for involvement with North Korean state actors.

For Wan, however, the move is part of a growing trend of crypto and blockchain nationalization in China. The Primitive Ventures chief, remarked:

All I can say is this to me it’s a sign of [the] beginning of the nationalization of Bitcoin/Cryptocurrency related infra in mainland [China]. Eventually, all things can be state-owned, or at least partially (mining, ASIC, exchanges, wallets, etc).

Despite the 2017 ban on crypto trading and initial coin offerings (ICOs), p2p trading is allowed in China. There are even reports that major exchanges run bitcoin over-the-counter (OTC) desks via marketplaces on popular Chinese payment services like Alipay and WeChat Pay.

Chinese Bitcoin FOMO on the Rise

If Wan’s deductions prove accurate, then there could be a wave of institutional involvement in bitcoin and cryptos in general. Such a development could provide a further boost to the already growing retail crypto interest in China.

Come next year, the cryptography law will come into effect. Reports suggest that the new law aims to provide a robust regulatory framework for crypto and blockchain technology, as well as, making China more competitive in the emerging digital landscape.

As previously reported by Bitcoinist, bitcoin FOMO in China is on the rise. Since the country’s President XI Jinping made mention of blockchain technology, there has been a surge of positive interest sweeping across the country.

Search trends from Chinese search engines like Baidu show a significant uptick in bitcoin and crypto interest. Also, Chinese altcoins like NEO and ONT have been coasting on this positive wave of enthusiasm with massive price gains.

Do you think China is moving towards the nationalization of it’s crypto and blockchain industry? Let us know in the comments below.


Images via Shutterstock, Twitter: @DoveyWan

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Osato Avan-Nomayo

Osato Avan-Nomayo

Follow

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Full Profile

Related Posts

Bitcoin

Bitcoin Mid-Size Whales Aggressively Expanding Their Stash – What This Means For The Market

27 minutes ago
Quantum Shock: Google’s Breakthrough Puts Bitcoin’s Encryption On Notice

Quantum Shock: Google’s Breakthrough Puts Bitcoin’s Encryption On Notice

1 hour ago
Bitcoin ziņas šodien: BTC cīnās, lai noturētu 108 000 dolāru līmeni, neskatoties uz lejupslīdošo spiedienu

Bitcoin ziņas šodien: BTC cīnās, lai noturētu 108 000 dolāru līmeni, neskatoties uz lejupslīdošo spiedienu

2 hours ago

Bitcoin Is the CIA’s Greatest Scam, Claims Tucker Carlson

3 hours ago
Криптобиржи

Биржи запускают бонусы, чтобы восстановить торговые объемы

3 hours ago
KCEX: Bonus de 10% la depunere și recompense de până la 21.000 USDT

KCEX: Bonus de 10% la depunere și recompense de până la 21.000 USDT

6 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • ORIGIN Protocol's LGNS Achieves Historic Milestone: Liquidity Tops $194 Million, Reclaiming Title as Global Leader in DeFi

    ORIGIN Protocol’s LGNS Achieves Major Milestone...

    1 day ago
  • bonus kcex

    Bonus KCEX: promozione da $21.000 con un bonus deposito del...

    1 day ago
  • Maxi Doge

    Защо Maxi Doge може да се окаже...

    1 day ago
  • 挖 1 枚比特幣耗電可供 61...

    1 day ago
  • KCEX стартира бонус за търговия от...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.