Was MMM Really behind Last Year’s Increased Bitcoin Demand among the Chinese?
In September last year, the Chinese bitcoin exchanges saw a huge demand for bitcoin and it was wrongly attributed to a bitcoin Ponzi scheme. In late last year, Bitcoin surged past the established resistance to rise in value. In the month of August and early September, the digital currency was valued at around $200 plus with minimum volatility. However, thanks to the global economic conditions, bitcoin price picked up. The sudden increase in bitcoin price was attributed to multiple economic reasons. The bitcoin price rise was inadvertently influenced by the economic slowdown suffered by....
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Award-winning journalist Colin Wu is crypto-Twitter’s bridge to the Chinese press. He extracted and translated the main points of an article from CaiXin magazine, “which is most recognized by Chinese financial officials.” Apparently, they “interviewed people close to the People’s Bank of China and other government agencies” and got their perspective on this year’s iteration […]
A new Demand Institute's study finds that the demand for expanded access to financial services, which could add an estimated $650bln in Chinese consumer spending over the next 10 years, has been going largely unmet. The report, A Wealth of Opportunity: Chinese Consumers and Their Shifting Demand for Financial Services, states that there exists an untapped demand among Chinese consumers for household financial services products, including deposit accounts, credit cards and debit cards. It further elaborates that the evolution of this demand in China would be different to that of other....
Bitcoin price is clawing its way back to a range amongst the highs achieved in 2016. Today’s high of $772. 01 sees the value of the cryptocurrency within touching distance of the year-high mark scaled in June during the lead-up to this year’s halving event. Today’s high registered at 11:30 UTC after steady gains made from midnight when bitcoin price was trading to the dollar at $764.02 on the Bitstamp Price Index (BPI). At the time of publishing, Bitcoin is trading at $768.97. The price climb registers at a time when the devaluation of the Chinese yuan continues, turning Chinese investors....
The falling Chinese yuan has yet again led to a rise in the demand for Bitcoin among Chinese investors. Bitcoin price has picked up yet again. The price of the popular digital currency has crossed the $700 mark. Like always, even this time the increase in price is driven by rising demand among the Chinese investors. The latest developments in Bitcoin ecosystem is being closely watched not just by the cryptocurrency community, but also mainstream media and conventional financial institutions. Various leading news media outlets are reporting the surge in digital currency price, which is at....