why are Chinese billionaires more likely to invest in BTC than any other nation?
China is embracing BTC like no other country. The government have all but backed it. The 'Chinese ebay' is accepting BTC for some sellers. The Chinese are huge savers. China has the largest BTC exchange in the world. The Chinese economy is awash with 'new money' held by young forward thinking Billionaires who are more likely to trust crypto-currencies than old-school Western money that is more traditional in it's investment choice. That is only a short list, why are you so dismissive?
+1. Suggesting that the chinese are not enthusiastic about bitcoin is ridiculous. It would imply that either btcchina exchange statistics are falsified or bitcoin is being purchased in massive quantities by random non-chinese holders of yuan - neither is likely.
But really, what's the point here? That we should have the website in chinese? If so, then I'm all for that. Arguing about the reason for the rise in price is not on topic.
*edited for grammar and content
Sorry all but I cant resist one last post about China - last one I promise!
Minerpart talked specifically about Chinese
billionaires, to which I pointed out there were not so many of them (compared to the US, Europe or Russia) and that there was no evidence to suggest they were more likely to invest in bitcoin than any other billionaire in another country.
The points about Chinese uptake of bitcoin are all valid points but say nothing specific about the actions of Chinese
billionairesAnyone who has been to China, or studied it will know that it is a corrupt system with billionaire politicians and shady deals done behind closed doors. Billionaires in China don't become billionaires through having billion dollar ideas - they do it through 'guanxi' AKA relationships. You scratch my back, il scratch yours.
So I would actually argue that a Chinese billionaire is less likely to invest in bitcoin than the middle classes because a Chinese billionaire can continue to make billions doing exactly what they are doing now. Bitcoin is far more of a gamble than for example property where the right people with the right connections can secure good land at cheap prices and make thousands of percent profits with minimal risk.
Then expand this tactic ad infinitum
