Bitcoin Is Soaring On Unprecedented Burst In Chinese Buying

[sbtctalk]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere

Perhaps there is a media hype over bitcoins in the china media. Something must be driving up demand.

I saw the price of $519 earlier. I was stunned. Regretted not buying more when it was at $440.

thats because you still hope it will drop  

don't you think this is because those who invested to DAO move to btc?

Why should DAO investors shift their attention to BTC?

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[Herbert2020]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere

Perhaps there is a media hype over bitcoins in the china media. Something must be driving up demand.

I saw the price of $519 earlier. I was stunned. Regretted not buying more when it was at $440.

thats because you still hope it will drop 

don't you think this is because those who invested to DAO move to btc?

Why should DAO investors shift their attention to BTC?

your problem is that you think there is such thing called "DAO investors!" becasue there is not.
there is only bitcoin investors who are putting some money on DAO or any other altcoin for that matter and sell on top to buy more bitcoin after.

[sbtctalk]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere

Perhaps there is a media hype over bitcoins in the china media. Something must be driving up demand.

I saw the price of $519 earlier. I was stunned. Regretted not buying more when it was at $440.

thats because you still hope it will drop 

don't you think this is because those who invested to DAO move to btc?

Why should DAO investors shift their attention to BTC?

your problem is that you think there is such thing called "DAO investors!" becasue there is not.
there is only bitcoin investors who are putting some money on DAO or any other altcoin for that matter and sell on top to buy more bitcoin after.

I get what you meant. The final product investors want to get is not alt-currency but a gain in bitcoins. That is their ultimate goal.

[Pursuer]

This rather clearly IS being driven by China. Go to Coinmarketcap, click on Bitcoin, and then select the markets tab:

http://coinmarketcap.com/currencies/bitcoin/#markets

Now take a look at the major non-Chinese exchanges (say the Top 10 of the list). Chinese exchanges are 0-fee, so they are excluded from the top of the list - you'll find them at the bottom. At the moment the Chinese exchanges are running $50 above the non-China exchanges. Redditors are saying that was $70 a few hours ago. So there is apparently crazy demand for bitcoin on the Chinese exchanges, and that is pulling up the price everywhere else.

If you know how to slip across the border with (lots of) Chinese fiat or bitcoins, you could make a killing right now.

this is interesting but this is not a new thing.

there was actually a topic about this in the bitcoin discussion section claiming that all the bitcoin daily volume is from China and wanted to conclude bitcoin is being controlled by Chinese, blah blah...

Chinese have always been in bitcoin and pumping it, and also this is nothing new that the price on their exchangers are higher and this is mostly because of converting their money to USD when comparing the price.

[sbtctalk]

The Chinese people are known to splurge on foreign properties and they are well known for buying multi-million worth of properties using cash. They are known to bring up property prices in certain districts. They tend to be cash rich and often looking for good investments.

Looks like they set sights on bitcoins.

[Cyaren]

The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
source

Chinese people are definitely a big part of bitcoin markets. If Chinese miners decide to dump their coins, obviously the price price will drop very dramitacally. But vice versa, if they decide to pump, it can have a huge effect as well.

This could be a good thing and a bad thing. For the Chinese, it's a great way to preserve their wealth.

[sillug]

I think that it is more the halving rally which is coming. Maybe also an effet of the Euro 2016 with people wanting to bet without restriction, or money laundering thank to that event.

[dex1]

I don't think that zerohedge can be a reliable source for this. They've been pandering to an audience that would like to believe that a total economic collapse is just around the corner, no wonder they're bullish on bitcoin all the time.
...

For those having doubts about zero hedge credibility here is another source of complete different angle
on economic matters also confirming my OP.