China is on a massive bitcoin buying spree

China is on a massive bitcoin buying spree, with the US and Brazil coming in a distant second and third. Fiatleak has a live map. Bitcoin is currently trading at $902. Last year at this time it was trading at $424.

From BBC:

Experts said the rise in value was linked to the long-term depreciation of the Chinese Yuan.

The Chinese currency has dropped about 7% in value during 2016, said Reuters. The majority of Bitcoin currency trading takes place in China as it allows people to skirt restrictive local laws that limit how much money Chinese people can swap.

Notable Replies

  1. preparing to dump dollars come inauguration day I see.

  2. Enkita says:

    Not nearly enough.
    No, Chinese plans are long term. Look at the joint project with Russia to bridge the Amur river, knocking 3500km off the journey by land from the populated Chinese East to the far North and the opening up of the Arctic. Chinese plan B is not to disengage from the US but to hedge their bets with investment on the other side of the Pacific. This time the Greater Asia Co-prosperity Area is going to be Chinese led.

  3. TobinL says:

  4. Hey cool! I've got some rare and special currency based on numbers I developed myself, I wonder if I could sell them to China?

  5. Yeah but Bitcoin is the . . . uhhh. . . "gold standard" in cryptocurrency.

    Zing!

Continue the discussion bbs.boingboing.net

9 more replies

Participants