BITCOIN BREAKS ALL-TIME HIGH IN CHINA, $17 BILLION MARKET CAP

[anghelllaw]

Bitcoin has hit its all-time high price on pioneering Chinese exchange BTCC (formerly BTC China), reaching almost 7,700 yuan.

CHINESE INVESTORS PUSH BITCOIN TO NEW ALL-TIME HIGH

As of 21.30 PST January 3, the price of a coin reached 7,658.19 yuan, beating a 2014 high of 7,588.88.

The CEO of China?s oldest Bitcoin exchange BTCC Bobby Lee marked the occasion tweeting,

The spike comes in light of widely-expected renewed efforts by Chinese authorities to stem capital outflow from the country?s slowing economy.

As of July 2017, ?banks and other financial institutions in China will have to report all domestic and overseas cash transactions of more than 50,000 yuan ($7201), compared with 200,000 yuan previously,? Reuters reported Monday. Transactions by individuals will need to be reported if they cross the $10,000 border.

In November, the government announced any outgoing forex transfers of over $5 million could be vetted by tax officials and potentially denied. Previously, the threshold for inspection was $50 million.

China?s official Xinhua news agency nonetheless stated the latest rules were not to do with capital controls.

Reuters explained,

.....its checks on transactions are meant to target money laundering, terrorism financing and fake outbound investment transactions, and not normal, legitimate business activities.

LINGHAM: TRADING SPIKES ?WILL NOT HELP CAUSE?

The mood in China reflects similar circumstances in countries such as India, Venezuela and Pakistan, where currency shake-ups had led to heightened direct interest in understanding, trading and transacting in Bitcoin.

Civic CEO Vinny Lingham, however, has reiterated his stance on Bitcoin?s current use case, saying its main use is still not as a currency.

?I believe that we first need to see it get to the $3,000 price range, which I forecast for later this year, and I believe this is entirely possible, but it must happen while maintaining low volatility and steady growth,? he wrote in a blog post Wednesday. ??Countries falling apart and pouring money into Bitcoin will not help the cause if it happens too quickly.?

He added in a tweet that Bitcoin was fulfilling its first-stage implementation, and that ?Bitcoin the currency? is only the third and final stage.

Lingham was capitalizing on his first-ever post from 2014, in which he stated he ?didn?t believe Bitcoin is suitable as currency? and that it was ?a commodity that can be traded for goods and services.?

He added,

It may become a currency in time, but it just isn?t one right now. It?s a scarce, digital commodity ? and the trading that takes place on exchanges really reflects the market sentiment around the value of this digital commodity.

Source : http://bitcoinist.com/bitcoin-high-china-17b-market-cap/

[Xester]

Now I am sure that the intense price increase on bitcoins price is coming from China. Probably bitcoin will reach Two thousand dollars this January of 2017. This is a major price increase in bitcoin since on my observation more or less 20$ increase in value is occuring daily and with Chinese buying more bitcoins by the end of the year bitcoin may spike at 10k dollars.

[Chemist-for-hire]

Now I am sure that the intense price increase on bitcoins price is coming from China. Probably bitcoin will reach Two thousand dollars this January of 2017. This is a major price increase in bitcoin since on my observation more or less 20$ increase in value is occuring daily and with Chinese buying more bitcoins by the end of the year bitcoin may spike at 10k dollars.

Agreed! And by end of 2020 $100000

[dothebeats]

The Western markets seemed to follow suit as to whatever action happens on the Chinese markets. Also, I predict that in this current year and current month, we will be able to surpass the past ATH of Nov. 2013 and it will be a much higher price in terms of USD.

Get your sell orders ready, this will blow up and it would not hold on for too long.

[jaesonma]

Bitcoin is back to its new time high again, congrats. We are back, haha, Chinese central bank can't dl anything prevent Chinese buy bitcoin. Bitcoin is uncensorship. Yeah

[Red-Apple]

the bitcoin market is killing it these days, if we continue this way the ATH of USD price will be broken soon and we can see a lot of good things to follow for the price and hopefully for more bitcoin adoption since all of this has been attracting so much positive attention from the media.

[Caladonian]

the bitcoin market is killing it these days, if we continue this way the ATH of USD price will be broken soon and we can see a lot of good things to follow for the price and hopefully for more bitcoin adoption since all of this has been attracting so much positive attention from the media.

that's for sure the more exposure from good advertisement the more serious investors will follow and thanks to our Chinese fellow bitcoiners as they really hyping the price and keep it rising i think it will be more to expect as there's new comers that also investing and trusting now the system we just all needed to support and keep believing.

[Zz]

The easiest way to transfer money abroad is from China.
They finally understood this.
It will soon be 10,000 yuan
I'm waiting

[Denker]

Now I am sure that the intense price increase on bitcoins price is coming from China. Probably bitcoin will reach Two thousand dollars this January of 2017. This is a major price increase in bitcoin since on my observation more or less 20$ increase in value is occuring daily and with Chinese buying more bitcoins by the end of the year bitcoin may spike at 10k dollars.

Although I agree with you that main driver of this actual run may be China, I highly doubt we are going to see $2000 at the end of this month.
This would be way too much an I'm sure some big speculators would try to cash out some bigger profits much earlier because of the bigger getting greed!
I would say let's just watch what is going to happen when we break ATH in USD and in CNY! ATH on chinese exchange BTCC had been broken this is true, but it is not the chinese general ATH.This is 8000CNY as far as I know.

[mrkevio]

Bitcoin is back to its new time high again, congrats. We are back, haha, Chinese central bank can't dl anything prevent Chinese buy bitcoin. Bitcoin is uncensorship. Yeah

They actually can.. by censoring the Bitcoin websites and declaring VPNs illegal. Our community is growing so much that BTC is turning into their worst nightmare: our freedom. They are starting to lose control over it, so they need to take some action against Bitcoin. I believe this thing will happen somewhere in the following months, making Bitcoin's price go even higher than it is.

[simon149]

Bitcoin is back to its new time high again, congrats. We are back, haha, Chinese central bank can't dl anything prevent Chinese buy bitcoin. Bitcoin is uncensorship. Yeah

They actually can.. by censoring the Bitcoin websites and declaring VPNs illegal. Our community is growing so much that BTC is turning into their worst nightmare: our freedom. They are starting to lose control over it, so they need to take some action against Bitcoin. I believe this thing will happen somewhere in the following months, making Bitcoin's price go even higher than it is.

So you are saying that as governments comes down on bitcoin (making it illegal etc.) it will increase the value of BTC?
Is this because it will be even more appealing?

it might lose some general interest as people might lose faith in the future?
Or you think its a clear indication that this is the way forward and cannot be stopped?

[alyssa85]

The easiest way to transfer money abroad is from China.
They finally understood this.

How soon before the Chinese authorities crack down?

[QuestionAuthority]

It's shocking to me that there are still people that don't know the current rally is coming from China.

I guess no one can do their own research anymore. http://bitcoincharts.com/markets/

[Wendigo]

It's shocking to me that there are still people that don't know the current rally is coming from China.

I guess no one can do their own research anymore. http://bitcoincharts.com/markets/

My eyes were bleeding with all the Indians writing on the forum that the current rally comes from India. Now the Chinese are on the ball again.

Now I am left to wonder how much of a crash we are going to have when India and China spectacularly implode from the unsustainable pump?

[chesatochi]

I think the price pump too much from my point of view, the market will stabilize soon and decrease in price value. Even if the Chinese trade the most in the bitcoin ecosystem, the best is to always to remember everything that increases too rapidly can decrease the same way.

But I love to see my bitcoin wallet increase, too cool to see this market growing and blooming;)

[QuestionAuthority]

It's shocking to me that there are still people that don't know the current rally is coming from China.

I guess no one can do their own research anymore. http://bitcoincharts.com/markets/

My eyes were bleeding with all the Indians writing on the forum that the current rally comes from India. Now the Chinese are on the ball again.

Now I am left to wonder how much of a crash we are going to have when India and China spectacularly implode from the unsustainable pump?

Oh, yeah. When the hammer falls from the Chinese government it's gonna be painful.

As soon Beijing figures out Bitcoin is the hole in the dike letting yuan flood out of the country they will have to take action. That will scare the Chinese markets and cause a dump that will make your head spin watching it happen. If only we could predict the day that will happen we could get famously wealthy and still buy back every coin we sell.

[Zadicar]

It's shocking to me that there are still people that don't know the current rally is coming from China.

I guess no one can do their own research anymore. http://bitcoincharts.com/markets/

My eyes were bleeding with all the Indians writing on the forum that the current rally comes from India. Now the Chinese are on the ball again.

Now I am left to wonder how much of a crash we are going to have when India and China spectacularly implode from the unsustainable pump?

Oh, yeah. When the hammer falls from the Chinese government it's gonna be painful.

As soon Beijing figures out Bitcoin is the hole in the dike letting yuan flood out of the country they will have to take action. That will scare the Chinese markets and cause a dump that will make your head spin watching it happen. If only we could predict the day that will happen we could get famously wealthy and still buy back every coin we sell.

So this means its not time to celebrate yet because there are still possible events that might happen into this thing.QuestionAuthority was right when hammer falls to them they would surely feel that one.Seeing on the news im really glad that they are deciding to completely move into bitcoin but im still hesitant on this one.

[NorrisK]

Now I am sure that the intense price increase on bitcoins price is coming from China. Probably bitcoin will reach Two thousand dollars this January of 2017. This is a major price increase in bitcoin since on my observation more or less 20$ increase in value is occuring daily and with Chinese buying more bitcoins by the end of the year bitcoin may spike at 10k dollars.

Although I agree with you that main driver of this actual run may be China, I highly doubt we are going to see $2000 at the end of this month.
This would be way too much an I'm sure some big speculators would try to cash out some bigger profits much earlier because of the bigger getting greed!
I would say let's just watch what is going to happen when we break ATH in USD and in CNY! ATH on chinese exchange BTCC had been broken this is true, but it is not the chinese general ATH.This is 8000CNY as far as I know.

Crypto has proven quite a few times that unbelievable things can actually happen..

Nobody expected ethereum to go from 30 cents to 20 usd in a few months, yet it happened. Something similar (though, not a 100x increase ofcourse) can happen for bitcoin too. The market has matured a lot over the years and the total marketcap of bitcoin is still tiny.

[Carlton Banks]

It may become a currency in time, but it just isn?t one right now. It?s a scarce, digital commodity ? and the trading that takes place on exchanges really reflects the market sentiment around the value of this digital commodity.

Not impressed with this Vinny Lingham character, he should know better than to take on the "is/isn't money" argument after all the time he's been involved with Bitcoin.


Money status is not chosen by one businessman being interviewed by Reuters. People decide for themselves whether something is money or not.

If Vinny Lingham wanted to argue that the Bitcoin markets are not reflecting the money value of Bitcoin, but it's speculative value, then so be it. But that does not alter the fact that Bitcoin is used as money, and has been for several years.

One can say "But Bitcoin is too unstable!", or "But Bitcoin isn't widely used enough" etc. It makes no difference: people are using it as money, they have done in the past and they will continue to do so. No amount of analytical arguments can alter this fact.

[tripwirearmpit]

China is the powerhouse moving these markets. No doubt about that. Question is how high will it go.