The Shanghai Tragedy Reminds Us Why China Banned Bitcoin
Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. While countries under regimes are waking up to the idea of using Bitcoin as a tool for freedom, authoritarian governments that have banned all crypto activity […]
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There has been much conjecture on the role China has played in the rise and fall of Bitcoin’s price. Most in this space recognize that China has been leading the Bitcoin marketplace in terms of trading and volume. If this is the case, perhaps looking through some charts would shed some light on where Chinese money is flowing. Below is a chart comparing the Shanghai Composite with the price of Bitcoin. First, let’s look at the month of July, where the Shanghai composite started its rally, while Bitcoin topped out after making a rally of its own in the wake of the Mt. Gox debacle. In mid....
In significant news coming out of China, China’s central bank – the People’s Bank of China – has revealed that it carried out on-site checks on major Chinese bitcoin exchanges in Beijing and Shanghai. Bitcoin’s soaring value and trading in China has evidently caught the eye of authorities who are now clamping down on capital outflows that they believe is taking place via bitcoin, while the yuan continues to depreciate. In a public notice, the Shanghai branch of the PBOC revealed it carried out spot checks today (Wednesday) on BTC China. A roughly translated statement reads: The People’s....
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