[2016-10-26] Bitcoin Soars As China Launches Crackdown On Wealth-Management Prod

[durnkenWiz]

After trading in a tight range for much of the summer, coiled within a $100 range around the mid-$500s, over the past several weeks bitcoin has once again started to push higher, closely tracking the decline in the Chinese Yuan.

http://www.zerohedge.com/news/2016-10-26/bitcoin-soars-china-launches-crackdown-wealth-management-products

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[1Referee]

From the very first day of me entering the Bitcoin world, I knew that if Bitcoin would experience exponential growth, then it will be due to China. I still fully believe in this. Of course, this doesn't mean that other countries and continents will not make a significant impact, but it's a proven fact that China is leading.

But there is one negative point to this. Chinese people are very short term minded where their investment style makes it look like they are more gambling rather than precisely investing. They come, accumulate, wait till they got what they were looking for, and leave for the next one. And if they don't get what they were looking for, they leave with a loss and move to the next thing.