The price of bitcoin in China surpassed two-year highs on leading Chinese exchanges today, as Chinese investors continue to seek safe digital havens for their funds.
Last month Bitcoin Magazine reported that the continuous devaluation of the Chinese currency yuan ( CNY ) was increasing demand for bitcoin in China. The trend was strong enough to be noticed by the mainstream financial press, and The Wall Street Journa l ran a story titled " Chinese investors buying up bitcoin as yuan falls ."
Bitcoin Magazine contacted leading Bitcoin operators and exchange CEOs in China to take the pulse of the market in light of this most recent upward price trend.
http://tinyurl.com/newbitcoin4u
"It's very exciting to see bitcoin's current price rally," said BTCC CEO Bobby Lee. "It's about time! We've been seeing record trading volumes in China this quarter, as the devaluation of the renminbi continues. I think bitcoin's price might surpass its 2013 all-time high, as soon as early 2017, reaching or surpassing $1,500."
"Besides the devaluation of the yuan, I think the main reason behind bitcoin's 80 percent price rise this year is because of major global political and economic upheavals, including Brexit, Trump's election, turmoil in the banking sector, India's cancellation of larger-denomination banking notes and Venezuela's introduction of more stringent capital controls," Lee told Bitcoin Magazine . "I also think bitcoin's relative stability and its improvements - such as the implementation of SegWit this year - have made it a safe choice for investors, in comparison with altcoins."
"Looking to the long term, I think bitcoin will reach several thousand U.S. dollars, and might even reach $10,000, before the next block-halving in 2020," concluded Lee. "This prediction makes sense if you look at how much governments have continued expanding the supply of fiat currencies through printing money and other quantitative easing solutions. Remember: as money supply continues to rapidly increase over time, bitcoin's price will go up because bitcoin price is measured in units of these inflating currencies."
http://tinyurl.com/newbitcoin4u
