Chinese Investors Turn to Bitcoin Amid Yuan Depreciation
The continuous devaluation of the Yuan has increased demand for bitcoin and new asset classes in China. Today, the country counts some 2 million bitcoin users; among them, 80 percent are speculating for short-term profit and about 14 percent are holding long-term, recognizing the value of the digital currency, according to Fang Yu, COO and Co-Founder of....
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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....
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Interest in bitcoin is soaring this week, with charts on Baidu (China’s predominant search engine) showing individual searches for the keyword rocketing past 72,000. Interest Spikes as Yuan Devalued. Twitter user cnLedger posted the Baidu chart earlier today, noting that the previous two – and relatively minor – spikes in interest this year matched the....
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