CNN: Money is flying out of China

[Yakamoto]

Billions of Dollars wouldn't effect a nations currency, as you'd think. Especially, it being CNY and also take into account that if China knew that loaning that amount would put them at risk economically they would have not made the agreement on the loan.

It may not affect a nations currency, but it's an huge impact on the bitcoin marketcap which is only a tiny amount at the moment, not even 2 figure billion marketcap yet, we are yet to see x1000 growth minimum, I wish a couple of countries pulled a China/Cyprus and everyone started getting their money out of their respective countries thanks to Bitcoin.

Any group of people that begin to start selling their traditional currency for Bitcoin is pretty big, not only does it show that the people have faith in the currency, but it also shows that there are people willing to use it to store their wealth, regardless off the volatility.

I am sure that if the stock market continues to swing down as it has, we'll see some more people in countries start pulling a cyprus, a lot of people have been worrying about a repeat of 2008/2009 for a while.

[Casdinyard]

I am sure that if the stock market continues to swing down as it has, we'll see some more people in countries start pulling a cyprus, a lot of people have been worrying about a repeat of 2008/2009 for a while.

If the stock market drops another 10-15%, we will see some companies go bankrupt so it will affect the banking system.

[EdenHazard]

so is this one of cause bitcoin prices jumped sharply in November? whether the current conditions in China still continues? and whether this January will be more severe? what effect the bitcoin prices if investors china switch to bitcoin?

[DimensionZ]

I am not sure if the businessmen in China will switch to bitcoins but today in an article I read online was said that because of the falling yuan and oil prices the leading rich people lost billions just in January like 5-6 billions per person. Bitcoin prices are even more fluctuating than these recent stock market lows.

[Denker]

so is this one of cause bitcoin prices jumped sharply in November? whether the current conditions in China still continues? and whether this January will be more severe? what effect the bitcoin prices if investors china switch to bitcoin?

That's a good question.
If chinese investors use Bitcoin to get their money out of the country I'm sure they will quickly convert it back to fiat and put it somewhere offshore on a bank or buy properties, art,  old limited classic cars etc. with it. Therefore the price of Bitcoin will only increase shortly.
Another possibility would be that a part of their money will be stored in Bitcoin.Then we could see a constant mid- to long term increase.

[lethalethereal]

Yes this might be one of the reasons why chinese exchanges are running like hell since weeks.
Good for Bitcoin!The chinese aren't that dumb or naive as the greeks.
When shit hits the fence you have to be prepared!Or better to feather one's own nest!

Yes, bitcoin is a method for moving money quickly and fast: perfect for export money and make investment on other country

[botany]

I am not sure if the businessmen in China will switch to bitcoins but today in an article I read online was said that because of the falling yuan and oil prices the leading rich people lost billions just in January like 5-6 billions per person. Bitcoin prices are even more fluctuating than these recent stock market lows.

The advantage of having bitcoins is that you can transfer them out of China and convert them into other assets.
So even if bitcoin prices fluctuate, people may be trying to get their hands on them in China.

[hartanto]

Yes, also about the stock market closing issues, i think they will try to hedge their asset using bitcoins, therefore, we will soon see the spike from the chinese traders/business owner, i think the price will be ascending for the week

[Tavos]

Good for bitcoin! Probably why the BTC price is going up. Price should continue to go up for a while.

[OROBTC]

I am not sure if the businessmen in China will switch to bitcoins but today in an article I read online was said that because of the falling yuan and oil prices the leading rich people lost billions just in January like 5-6 billions per person. Bitcoin prices are even more fluctuating than these recent stock market lows.

The advantage of having bitcoins is that you can transfer them out of China and convert them into other assets.
So even if bitcoin prices fluctuate, people may be trying to get their hands on them in China.

It's now 1:00 AM (US ET), and China & the rest of Asia are down hard again.  People in China are selling stocks and apparently trying to get even more money out of China (at least parts of the leadership are).

Dow futures are down some 35 points, off its lows of over 100 points earlier.

This was "another one of those weekends", we'll see what the week itself has in store.

[madonnino]

Good for bitcoin! Probably why the BTC price is going up. Price should continue to go up for a while.

the china stock market bubble burst, we will see how the market will react ', we hope to convince some big shot you convert a lot of money in bitcoin

[Swordsoffreedom]

Good for bitcoin! Probably why the BTC price is going up. Price should continue to go up for a while.

the china stock market bubble burst, we will see how the market will react ', we hope to convince some big shot you convert a lot of money in bitcoin

In classical terms Blood is on the streets someone out there will buy up those positions but right now is not that time
Bubble Pop
The Shanghai Composite closed down 5.3%, and the Shenzhen Composite ended 6.6% lower.
http://money.cnn.com/2016/01/10/investing/china-stocks/

[Zaduca]

Good for bitcoin! Probably why the BTC price is going up. Price should continue to go up for a while.

the china stock market bubble burst, we will see how the market will react ', we hope to convince some big shot you convert a lot of money in bitcoin

No only China, the world stock market bubbles burst. So the bitcoin could be a safe heaven for the money seeking refuge.