Is China the Primary Driving Force in Bitcoin?
China, with its high-pace economy, certainly plays a significant role in the Bitcoin space, but with the recently released Goldman Sachs report, it is becoming even clearer just how much impact the country has on the nascent cryptocurrency industry. The report indicates that almost 80% of bitcoin trading volume during the last six months involved China's fiat currency, the Yuan. Surprisingly only 19 and 1 percent of transactions were traded with USD and EUR, respectively. The cryptocurrency craze in China still continues despite the fact that the People's Bank of China (PBOC), the....
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But there are other concerns plaguing China as well. The local housing market is showing signs of a bubble waiting to burst. China has always been a driving force of Bitcoin investment and price speculation. By the look of things, that trend will only intensify over the next few decades. Recent polling shows over six in ten rich Chinese people plan to invest abroad. While there will be a large focus on real estate properties, alternative financial solutions may gain more traction as well It was only a matter of time until rich Chinese investors decided to look elsewhere for their fortune.....
Central banks meeting in Russia said the coronavirus pandemic is a driving force behind growing interest in national digital currencies.
The price of bitcoin continues to rise, led primarily by the exchanges in China, which have, oftentimes, been trading at a premium of $10/BTC higher than the other major exchanges around the world. With China driving such an increase in the bitcoin price, many have been speculating that it could be driven by capital controls. In China, the law stipulates that individuals cannot send more than the equivalent of $50,000 out of the country in a year. To get around this, individuals have hired smugglers to get cash out of the country, bought extremely expensive real estate in cities like New....
China is a primary driving force in Bitcoin due to its large market share in trading and mining. CoinTelegraph spoke to HaoBTC CMO, Eric Mu, who described what it’s like to work in a newly built bitcoin mine located in the beautiful and rugged mountains of China’s Sichuan region. HaoBTC is headquartered in Beijing, and has a mining subsidiary located in Sichuan. It previously hosted the majority of its miners in two mines in Mabian and Meishan, but has since relocated to a new facility in Kangding, Sichuan, due to the region’s favorable climate and low electricity costs. Located next to a....