Tag Archives: China

Why China wants to dominate Bitcoin

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“Bitcoin presents a marvelous gift for China, a country anxious to exert financial influence on a global scale, but nervous to overtly undercut the U.S. dollar, which it holds in abundance. It could also help China exert more economic influence over commodity-rich Africa. Digital currencies like Bitcoin are already set to take off there and ring financial inclusion to 2.5 billion of the world’s most under-banked. In Africa, this could mean the destruction of weak country currencies, large scale consumer adoption via mobile payments, and Chinese financial supremacy in Africa. For America, oil contracts from non-OPEC countries denominated in Bitcoin would pose significant threats.”

http://money.cnn.com/2013/11/18/investing/bitcoin-china/index.html

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Chinese Investors Pile Into Bitcoin; BTC China Raises $5 Million

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“Chinese Bitcoin exchange, BTC China – the world’s largest by trading volume according to Bitcoinity.org – has closed a $5 million Series A from institutional investors Lightspeed China Partners and Lightspeed Venture Partners. BTC China was bootstrapped prior to this round, with money put in by its three co-founders, Bobby Lee, Linke Yang, and Xiaoyu Huang.  The exchange, China’s oldest, was founded back in June 2011. In recent times it has seen an influx of new investors crowding in as the hype around the decentralised digital cryptocurrency gathers greater momentum.”

http://techcrunch.com/2013/11/18/btc-china-series-a/

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Bitcoin Scandal Reflects Popularity of Virtual Currency in China

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“The willingness to invest in GBL despite its shortcomings demonstrates just how popular ‘crypto-currency’ has become in China. In early November, BTC China overtook Mt. Gox and Bistamp to become the largest bitcoin exchange site in the world, handling 34 percent of global bitcoin transactions over the previous seven days, according to data from Bitcoinity.org, a website that tracks bitcoin exchanges.  Bitcoin’s appeal to Chinese investors is manifold. The currency experienced a major spike in value in July shortly after being the subject of overwhelmingly favorable reports on CCTV, China’s state-run television station, and People’s Daily, the main Communist Party newspaper.”

http://sinosphere.blogs.nytimes.com/2013/11/17/bitcoin-scandal-reflects-popularity-of-virtual-currency-in-china/?_r=0

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Jim Rogers on Price Inflation, Investing in Asia and China’s Boom

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Jim-Rogers1

“As we speak, there is this meeting in Beijing on what to do about the Chinese economy. It’s a plenary council, which only meets periodically. The first meeting was in 1978 where [Deng Xiaoping] started opening up the Chinese economy, which has certainly been the most important thing in the world economy in the past 35 years. In 1993 they had another one, which had dramatic results. The Chinese say that this meeting is going to have equally dramatic and dynamic results and come up with very important changes. It may be as important as 1993 or 1978, and if they do big things, it’s going to be perhaps the most important thing affecting the world economy over the next 10 or 20 years.”

http://www.thedailybell.com/exclusive-interviews/34756/Anthony-Wile-Jim-Rogers-on-Price-Inflation-Investing-in-Asia-and-Why-China-Will-Continue-to-Boom/

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Hong Kong entrepreneurs could win a slice of the bitcoin pie

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“An influential digital currency evangelist says Hong Kong can grab a huge slice of the controversial multibillion-dollar bitcoin industry as US hostility towards virtual money increases.  Roger Ver, 34, a bitcoin millionaire, told the South China Morning Post that efforts to disrupt the digital currency money market would be futile.  ‘It’s not stoppable. They can delay it within their own jurisdictions [states] but that’s going to be incredibly short-sighted and damaging.  ‘If the US government tries to restrict or clamp down, that just means there will be many more bitcoin businesses in Hong Kong and Singapore and all those Americans will miss out on all the opportunities.'”

http://www.scmp.com/business/banking-finance/article/1358150/hong-kong-entrepreneurs-could-win-slice-bitcoin-pie

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Could China make or break bitcoin?

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“‘There are two things affecting bitcoin in China,’ Linke Yang, co-founder and vice president of BTC China – the world’s largest bitcoin exchange by volume – told CNBC on the sidelines of the conference. ‘One is that there are a lot of [bitcoin] miners in China. The second is that, traditionally, high net-worth individuals and investors first go to the property market to invest and then the stock market, but since the property market is capped and controlled and stocks maybe aren’t doing so well that’s changing,’ Yang said. ‘After we had the China Central Television piece [on bitcoin in March] people here know about bitcoin and are putting their money into it.'”

http://www.cnbc.com/id/101200996

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Savers boosting bitcoin demand in China, exchange says

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“A co-founder of China’s biggest bitcoin exchange on Friday said there were ‘boundless opportunities’ for the digital currency in the country because of the Chinese saving ethic. ‘The main reason why bitcoin has become big in China is because Chinese people are savers, and more people are seeing bitcoin as a way to store and invest their money,’ Linke Yang, vice-president of BTC China, told reporters on the sidelines of a conference in Singapore.  ‘There are boundless opportunities for BTC China and bitcoin in the next five years, you never know with the way the internet develops,’ Yang said through an interpreter.”

http://www.scmp.com/news/china/article/1356753/savers-boosting-bitcoin-demand-china-exchange-says

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Plotting an Escape From America

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“What do China, Russia and the Cayman Islands have in common?  All three are among the top 10 countries for working-age expatriates looking for wealth and happiness, according to the 2013 HSBC Expat Explorer Survey. Given the many people who are now thinking of pulling up stakes and hightailing it out of the U.S., it’s a good time to consider some of its findings.  On one hand, it’s unsurprising that the respondents found Switzerland to be the world’s most economically-rewarding country for expats.  But many would be surprised to find that the second most desirable country, from an economic standpoint, is Communist-ruled China.”

http://thesovereigninvestor.com/2013/11/13/plotting-escape-america/

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Bitcoins being used in the Shanghai property market

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“Three buildings on a 700,000 square-meter plot of land in the Pudong district of Shanghai, China look just like any of the other buildings in the city. What makes them different, however, is that space in these buildings can be purchased using bitcoins, a digital currency that is circulated on the internet and functions without the intermediation of a central authority.  At the entrance to one of the three buildings, which is used as the property management center, a bulletin reads ‘Today’s bitcoin value: 1: 2100.’, meaning that 1 bitcoin has an exchange value of 2,100 yuan (US$344). The owner of the buildings, Shanda Tiandi Ltd., posts the rate every day.”

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131114000039&cid=1102

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Number of Chinese Billionaires Skyrockets

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“Asia sprouted a new crop of millionaires over the past year, with growth of wealth in China topping the charts.  According to a report this week by Credit Suisse, the country now has 6% of the world’s total of ultra-high-net-worth individuals, or those with fortunes in excess of $50 million. That’s second only to the United States, which commands nearly half the world’s total.  Fan Cheuk-wan of Credit Suisse credited such growth in China to the country’s capital market’s development and the large number of companies being listed during the period the report covered — mid-2012 to mid-2013.”

http://blogs.wsj.com/chinarealtime/2013/10/11/number-of-chinese-billionaires-skyrockets/

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