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Title: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: jdebunt on May 29, 2016, 07:16:08 AM China has always been driving the Bitcoin price upwards, ever since the cryptocurrency started gaining mainstream traction. Plus, there are over US$30 trillion in deposits which could get moved out of the country at any time, but it is hard to do so. Even if only a fraction of that money finds its way to Bitcoin, the Bitcoin price trend will continue to rocket for a very long time.
http://themerkle.com/surging-bitcoin-price-is-appealing-to-chinese-depositors/ Title: Re: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: Kprawn on May 29, 2016, 06:21:34 PM Explain the capital flight everyone is talking about... Is this the corrupt government employees's money we are talking about? You will not be able to shift that large amounts of money outside of China
without someone noticing it. Who will buy those coins in the other countries, if that happened? Yes... there are a lot of money exiting China... but not close to the figures needed to call it capital flight. The way the dollar and other fiat currencies are losing value, makes me wonder ....who would be so stupid to flee China in any way, with large amounts of money. ::) ::) Title: Re: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: richardsNY on May 29, 2016, 07:23:45 PM Chinese people have always been looking for ways to get a part of their wealth out of the country. It's not just now. If you look at things from that side then the price should go up year on year, which clearly isn't the case. The current price increase is the result of the block halving that is coming closer. Nothing more.
Title: Re: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: Hazir on May 29, 2016, 11:08:28 PM It is the most convincing theory behind this recent price surge. But it is also very scary, because, imagine when all these coins will be dumped!
Price might crash to $300 or even less because Bitcoin market always react allergically to every concentrated selling. Title: Re: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: 2015Bubble on May 30, 2016, 03:44:41 AM Bullshit imo. Why would they sell because there is a risk of losing 5% due inflation.
If they pump it in BTC they risk a lot more. Title: Re: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: parmatiya on May 30, 2016, 10:29:27 AM It is the most convincing theory behind this recent price surge. But it is also very scary, because, imagine when all these coins will be dumped! Price might crash to $300 or even less because Bitcoin market always react allergically to every concentrated selling. These coins will be dumped in the Western exchanges. But I am not convinced about the theory. The capital flight is 10s of bitcoin a day. If it is in bitcoin, the price of bitcoin will be hundreds of thousands. Title: Re: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: aso118 on May 30, 2016, 04:06:08 PM Bullshit imo. Why would they sell because there is a risk of losing 5% due inflation. If they pump it in BTC they risk a lot more. This money could be in BTC for a short duration and then shift to other assets (inside or outside China). If you plan to take your money out after a very short duration, the associated risk is low. Title: Re: [2016-05-29] Surging Bitcoin Price Is Appealing To Chinese Depositors Post by: BellaBitBit on May 30, 2016, 11:59:19 PM There was a pie chart floating around showing the stats of the recent rise and only 9% of funds were from USD...hmmm wonder where the other 91% is coming from.
For the last few years they have been buying in heavily into US real estate, with cash to protect themselves against the yuan. Some markets are reporting this is on the decline so I am not surprised that bitcoin is next. |