China SOLELY drives the price of BTC up- true untrue?

[Mikcik]

So there is this theory, seems plausible at first, that the BTC price is vastly dependent on china markets, and that the main driving issue on chinesse BTC market is the use of BTC as a way to get money out of china (there are some problems with yuan and wealthy peopel are trying to get "money" out of the country, but the governemnt is heavily restricting this and tryinf to prevent it. Thus wealthy chinesse use BTC.
The theory says that once all the people get money out of china using BTC, the demand (and thus price) for BTC will collapse greatly (since china makes so much of the global demand for BTC).

Is this true or not...?

Because when i think about it.  IF this is true... the chinnese would buy BTC in china for yuan. Then send BTC out of the country and exchange it for dollars in USA exchanges for examples and than keep the dollars, put them on some account or buy a property etc. But they would have to sell those BTC (on USA exchanges), thus driving the price of BTC down. So the price should balance itself. Right? If they buy 10 000 BTC on china exchange (for yuan), the price of BTC will go up lets say 50%. But then when they sell 10 000 BTC on USA exchanges (for USD) the price of BTC will collapse again to its previous level... Correct?

So in theory, the chinesse shouldnt really matter...? Correct, incorrect?

Or do they BUY btc in china to circumvent currency controls (outflows to to foreign countries), but then do NOT sell them, and hold their "exported wealth" in BTC...?

[Arcteryx]

I do think China does dictate how the price of bitcoin falls. Either to the left or the right which to me is a sad thing for the holders of bitcoin in general because do we not in China have any say in the price?
I would think that only the whale do that are not on that side of the red iron curtain.

[European Central Bank]

So there is this theory, seems plausible at first, that the BTC price is vastly dependent on china markets, and that the main driving issue on chinesse BTC market is the use of BTC as a way to get money out of china (there are some problems with yuan and wealthy peopel are trying to get "money" out of the country.

nah. i don't buy any of that. it's the same as when people were yelling about cyprus and greece 'adopting' bitcoin.

what i think really happens is that it's the same bunch of traders who've been here for all eternity using a cool story as an excuse for a pump. you get some gullible noobs giving them money because they want to believe.

if the chinese rich really were using bitcoin to move money in any types of numbers the price would go insane and the chinese government would shut the exchanges.

[unknown04]

I think we are giving too much credit to them. I believe if they can, they would push it to $2k already.

[yonton]

If China shut down there exchanges. Won't the chinese just continue use western exchanges or open new exchanges in other countries. Does it matter where the exchanges operate from? How can any goverment stop someone from using bitcoin if it's anonymous. I hear so much about governments are going to ban, control or stop bitcoin.. I don't see how that can ever happen.

[mkmdoc]

I agree with that because there are chances that it can impact on trading because chines have large farms of mining. But it is completely not so true no body don't know who is bag holders of bitcoin, Only big whales and big holder can change the market price fluctuating. Completely  we should not blame the chines.

[yonton]

I beleive there are too many paranoid people in the Bitcoin community. There is a lot less manipulation than most people think. Chinese are investing in it for the same reason everyone else is. Inflation protection, anonymous, full control over your own money...ect  the only diffference is that they have the 1.4 billion people so it's no surprise they have a lot of people in Bitcoin. Because of the amount of btc investors they have, obviously there news and political events will have more impact on btc price than any other country. The recent rise and correction was due to natural supply and btc growing demand.yuans price had a strong correlation with recent btc prices as well. Because they obviously get there news before us and while many of us are sleeping that is typically when the dumps/corrections happen so they do have an advantage with these dips.

[Kakmakr]

The volume of bitcoins being bought and sold in China is not only linked to capital flight. In China most exchanges have 0% trading fees, and this allows for traders to speculate more and in turn push up the sales volumes on these exchanges. < So the volume is highly inflated >

The other reason why we would see more transaction volumes, would be because a large portion of the coins being mined is in Chinese pools.

The Chinese also seem to have a higher tendency to take bigger risks with trading and gambling, so it is natural for them to have higher bitcoin activity in their country. < not putting them in a box, but they like their gambling > ^smile^

Yes, there might be some truth to your thread OP, but for a lot more reasons than capital flight. We have not even included Store of value to protect the value of their wealth.

[alyssa85]

Because when i think about it.  IF this is true... the chinnese would buy BTC in china for yuan. Then send BTC out of the country and exchange it for dollars in USA exchanges for examples and than keep the dollars, put them on some account or buy a property etc. But they would have to sell those BTC (on USA exchanges), thus driving the price of BTC down. So the price should balance itself. Right? If they buy 10 000 BTC on china exchange (for yuan), the price of BTC will go up lets say 50%. But then when they sell 10 000 BTC on USA exchanges (for USD) the price of BTC will collapse again to its previous level... Correct?

There is a consistent price difference between the chinese exchanges and western exchanges (the chinese price is usually higher), and the difference grows when a pump is in place - so yes, it could be because the buyers are selling their coins on the western exchanges for dollars.

[cellard]

You would be delusional to not at least admit that china is a market maker, or a market mover that is... a single press release by the chinese government moved the price (supposedly) and all those miners concentrating big hashing power on a single place make china a strong factor for the ecosystem, you cant stop paying attention to that country unfortunately.

[Shady]

Of course China is going through as the main reason for spikes in profit, it looks like they're getting too much credit alone. Bitcoin's economy is growing at tremendous amounts that is keeping it in boom phases that should innovate entire new tech opportunities altogether.

It's come to my attention China has a significant impact of prices, but America + other countries will contribute to this after full swing in development projects.

[ArdiPrabowo]

is true china people can drives bitcoin price up
you can see in huobi and okcoin market
in there push incraese price, and another exchanger incraese too
after china exchanger to get investigation in bank and finance china autorized
bitcoin price is down until 800 dollar, before 1050 dollar

[Amph]

i also believe so but for the simpel fact that the probability that they are more than the others traders on the world, is higher, because you know they are 1B in population

so their influence is far greater, but saying that they are the only one that are manipulating the market is wrong, in fact big whales are not even chinese