Chinese Government Starting to Buy Bitcoin?

[Raimonn]

Its only a rumor, but could be that public investment companies are studying the possibility of using bitcoin as a reserve and bought some bitcoins to study it (some bitcoins for a public chines company could bes some thousands). If it becomes real and china start using as a reserve, price could double easily.

[AtheistAKASaneBrain]

The Chinese may have seen the light. They know their entire economy is a joke and their means of production are trash and look quality. They want a way out of the hole they've put into themselves and they may have seen being a Bitcoin player in the future as a way out of the granted crash and poverty they are aimed at in the long term. So what other governments should do is waking the fuck up and start buying Bitcoin as well if they want to be competitive in the 21th century.

[pliv84]

^ For Real ^

[franky1]

[–]johnnycoin 8 points 6 hours ago
"My very well connected friend from Shanghai says that there is a rumor in China that a few very very big chinese officials/businessmen/oligarchs are currently playing a very dangerous/fascinating game buying bitcoin. Speculation is that there is government influence in purchasing a majority of all bitcoins in the next five years to hedge against global Bitcoin adoption. Apparently, the government is behind some of the mining operations in China actually funding them and providing free power, and some Chinese officials think that it is smart to act now while the rest of the world is sleeping on this sea change in finance."

lol worst chinese whisper game ever.
the title says government is buying bitcoin .. but the source

1. reddit - (not really credible)
2. a random user - (hmm is he working for the government and has direct involvement,, nope!)
3. talks about a friend of his - (yea that old chestnut)
4. the friend says there is a rumour - (wow, really, 1 persons rumour about this must be real, compared to 7billion peoples rumour that santa clause is real)
5. rumour that businesses are investing - (so still no proof that its government, as he only says the rumour is businesses)
6. next rumour that these businesses agenda is to buy most bitcoins over next 5 years is inspired by government - (lol ok, thats even more vague)

.. maybe the reddit user should just say.

'its obvious that chinese businesses are buying bitcoin. give it 5 years and they majority of bitcoin would be owned by chinese citizens'

[Kprawn]

I cannot see the advantage of this over the subsidizing of mining farms to mine their own coins. It must surely be easier to mine a coin than paying for it in the open market? They

could also convert the mining farms into something else, if they finished with it... just imagine the hashing power being paid for by Bitcoin mining and then being used for some other

hidden projects. {Hacking passwords etc. etc..} It is still a interesting rumor. 

[franky1]

I cannot see the advantage of this over the subsidizing of mining farms to mine their own coins. It must surely be easier to mine a coin than paying for it in the open market? They

could also convert the mining farms into something else, if they finished with it... just imagine the hashing power being paid for by Bitcoin mining and then being used for some other

hidden projects. {Hacking passwords etc. etc..} It is still a interesting rumor. 

you are quite right. many smart people pay off the mining farms electric and equipment costs upfront in fiat. and in return they get bitcoin. that way it never hits the exchanges.. even bitpay doesnt hit the exchanges as they have private investors giving fiat, to get bitcoin.

[Corealz]

I will not put it past the Chinese government to get involved in bitcoin in some or other way.

If this is the case we should see a steadily increasing price in the months to come. That is unless they start buying in large quantities but I doubt it as that will push the price up too quickly. The other risk involved in something like this is that they can try and push the price down by dumping and re-buying i.e. pumping and dumping.

I doubt governments are going to start gambling with their money now...

Why not? They can just print money and buy whatever they want. Thats just what governments do anymore.

[Timeline]

I hope the rumour is real but I highly doubt it.

[CasioK]

I hope the rumour is real but I highly doubt it.

There are 50-50 chances that Chinese government may do anything like this. They do get support from government for faking Nike kind of branded products.
Same way China may want to be a leader in crypto-currency, so, they want to hold as much as they can. Then dumping also possible or mining will be more profitable.

[NorrisK]

I hope the rumour is real but I highly doubt it.

There are 50-50 chances that Chinese government may do anything like this. They do get support from government for faking Nike kind of branded products.
Same way China may want to be a leader in crypto-currency, so, they want to hold as much as they can. Then dumping also possible or mining will be more profitable.

That is not the way statistics work... If the answer is yes or no, it does not mean that there is an equal chance of getting either answer..

Yes, they may buy or they may not, but unless you have some serious inside information, no way you can say how big the chance is.

[RodeoX]

one rumor + one cup of coffee = exactly one cup of coffee 

[LiteCoinGuy]

Interesting rumor: the Chinese government has started to buy up Bitcoin as a hedge against global Bitcoin adoption.

Even if it is not true today, it is actually kind of believable as a possibility for the future. As Bitcoin continues to gain traction, there has to eventually be a tipping point at which the governments of the world will say "Oh shit! This is for real. We need to own some of this before it's too late!"


Source: https://www.reddit.com/r/Bitcoin/comments/3qmtbp/bitcoin_just_hit_2000_yuan/

ridiculous. they already bought alot Paycoins! 

[Kevin77]

Interesting rumor: the Chinese government has started to buy up Bitcoin as a hedge against global Bitcoin adoption.

Even if it is not true today, it is actually kind of believable as a possibility for the future. As Bitcoin continues to gain traction, there has to eventually be a tipping point at which the governments of the world will say "Oh shit! This is for real. We need to own some of this before it's too late!"


Source: https://www.reddit.com/r/Bitcoin/comments/3qmtbp/bitcoin_just_hit_2000_yuan/

ridiculous. they already bought alot Paycoins! 

Some individuals or group people may do anything with altcoins. But to play with $3B worth of bitcoin, only with a government aid is possible to play with. Any way without any official information, we need to safe safer while trading in bitcoin.

[Denker]

Hmmm I don't know. I'm always very careful to believe what is written on reddit. I mean sure why shouldn't this happen. But the chances that this is true is very low imo.

[traderbit]

If this is real then bitcoin price will reach the moon.
And then after all chinese people have bought then the price will fall down.
After chinese exchanges which one will do the same thing?

[pereira4]

Obvious that the gov is invested heavy in Bitcoin, they are just keeping it secret. DO you really think that chinese people are special and happened to get on the mining game that strong? cmon get real, it's a big part of a goverment program, those big ass mines are state funded im sure.

[LiteCoinGuy]

Hmmm I don't know. I'm always very careful to believe what is written on reddit. I mean sure why shouldn't this happen. But the chances that this is true is very low imo.

not impossible but close to zero in my view.   

[Pab]

Drink big glass of  cold water,China already mined most of bitcoin,if his  governament wants,i dont thin so,thay can hire people to mine with free energy

[XCASH]

[–]johnnycoin 8 points 6 hours ago
"My very well connected friend from Shanghai says that there is a rumor in China that a few very very big chinese officials/businessmen/oligarchs are currently playing a very dangerous/fascinating game buying bitcoin. Speculation is that there is government influence in purchasing a majority of all bitcoins in the next five years to hedge against global Bitcoin adoption. Apparently, the government is behind some of the mining operations in China actually funding them and providing free power, and some Chinese officials think that it is smart to act now while the rest of the world is sleeping on this sea change in finance."

lol worst chinese whisper game ever.
the title says government is buying bitcoin .. but the source

1. reddit - (not really credible)
2. a random user - (hmm is he working for the government and has direct involvement,, nope!)
3. talks about a friend of his - (yea that old chestnut)
4. the friend says there is a rumour - (wow, really, 1 persons rumour about this must be real, compared to 7billion peoples rumour that santa clause is real)
5. rumour that businesses are investing - (so still no proof that its government, as he only says the rumour is businesses)
6. next rumour that these businesses agenda is to buy most bitcoins over next 5 years is inspired by government - (lol ok, thats even more vague)

.. maybe the reddit user should just say.

'its obvious that chinese businesses are buying bitcoin. give it 5 years and they majority of bitcoin would be owned by chinese citizens'

Also pliv84 is a newbie account with an activity of 24. If he really believed his rumors he would post using his oldest account rather than a disposable newbie one. I bet he stops using his newbie account after he's finished spreading his unsubstantiated rumors. These newbie rumor threads often appear during pumps or dumps, and I have never read one that turned out to be true.

[Bitcoin Market]

When a baseless rumour like this circulates, we need to worry about the price of bitcoin. It will be pumped and dumped. I am very concerned. Let's not buy based on this rumour.