With China's central bank digital asset gaining steam, Bitcoin is stronger than ever

Between decentralized finance shenanigans, Bitcoin being adopted by firms like Square, and more, it's been hard to track all news going on in this space.

Many haven't realized that over the past few months, China's central bank, the People's Bank of China, has been hard at work testing its digital currency in the wild.

Investors say that this project, along with other central bank digital currencies, is only proving the value of Bitcoin and other decentralized cryptocurrencies.

Status update on China's CBDC. In September, the deputy governor of the People's Bank of China gave a status update on China's central bank digital currency.

While China is far from the only country working on its own digital currency, it is the only country to have deployed a pilot test at the scale we are seeing.

Dovey Wan, a partner at Primitive Ventures, recently stated that the widespread adoption of the DCEP may be proving the value of Bitcoin and other decentralized cryptocurrencies.

Shenzhen is now running DCEP/digital yuan trial, has "Airdropped" 10m yuan to 50k accounts via its wallet app, and the digital fiat can be used in 3000 local merchants this week.

For anyone who's lived under cashless society for years with Wechat/Alipay.

"When retail has been so spoiled by the convenience of digitalization of fiat, and now into digital fiat, they can easily trade self-sovereignty and enslaved by the ultimate efficiency those central servers offer. It's more critical than ever for everyone to really own their keys."

It's worth noting that Chinese state media recently promoted Bitcoin and cryptocurrencies.