China president's comments spark blockchain stock, bitcoin value surge

Xi Jinping, president of the People's Republic of China, believes China must accelerate its adoption of blockchain technology and, following his remarks, investors are snapping up stocks from blockchain companies while bitcoin's value rose by 26%, according to a Bloomberg report.

More than 60 technology firm's shares surged past the daily limit in Shanghai and Shenzhen including Insigma Technology Co. and Sinodata Co. This excitement also spread to companies with less involvement in blockchain such as baby-food provider Beingmate Co. and selfie-app company Meitu Inc.

"Most of these companies, especially those that are just beginning to state their connection with blockchain today, are trying to take advantage of the hype," Li Shiyu, fund manager at Guangdong Xiaoyu Investment Management Co., said in the report. "It shows how much excitement can be triggered by something stressed as a priority by the top man himself."

Bitcoin's value jumped from about $7,000 to nearly $10,000. Bitcoin's value as of Monday morning was $9,372.