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Bitcoin "Bubblish" "just an application" of Blockchain, says China Renaissance CEO

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The head of a large Chinese investment bank claimed that bitcoin It was not as important as its underlying blockchain technology.

Fan Bao, managing director of China Renaissance Investment Bank, thinks that bitcoin "is getting a little bubbling" after its historic highs of over $ 6,200, up from $ 1,000 at the start of the year.

"Obviously, right now, [bitcoin price] is getting a little hot, like the weather outside," Bao said in an interview with CNBC registered in Saudi Arabia. "[It’s] gets a little bubbling."

Instead, the investment banker is more optimistic about blockchain, the underlying technology fueling cryptocurrencides like bitcoin.

Referring blockchain technology separately from bitcoin, Bao went on to state:

I think blockchain is a very exciting technology, probably the most disruptive technology in our industry, the financial services industry. Bitcoin is just an application of [blockchain technology].

Bao's comments come at a time when bitcoin is firmly anchored in the mainstream with all the chiefs like Putin to the heads of Wall Street banks offering advice on decentralized cryptocourses that operate independently of controls state. Bitcoin hit a high of $ 6,200 a week ago.

Meanwhile, several governments around the world are researching or developing blockchain-based applications for several industries, including trade finance, logistics, land register, pensions, and more.

Featured image from YouTube / WSJ.