Bitcoin's founders – who saw the digital currency as a refuge against the tyranny of central bankers - will be delighted by what's going on at present.
Heavy Chinese buying has boosted the price of bitcoin about 20 per cent in the past four days. On Tuesday morning, the market price of bitcoin was trading above $US535 ($745) per bitcoin on Bitfinex, the largest US dollar bitcoin exchange.
The four-day buying spree has lifted the value of all bitcoin in circulation by more than $US1.2 billion.
Despite Beijing's efforts to clamp down on down on trading in the digital currency, Chinese bitcoin exchanges are thriving.
http://www.afr.com/opinion/columnists/why-bitcoin-is-chinas-latest-craze-20160530-gp7qki
