An interesting report was recently written by Digital Gold author Nathaniel Popper in the New York Times about the relationship between China and the Bitcoin network. Popper states that the cryptocurrency has become a multi-billion dollar industry, and that the Chinese have a significant amount of influence in this environment.
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China’s Investors, Mining Farms, and Transaction Volume Shows the Country Believes in Bitcoin
Popper gives his readers an inside look at what is happening in China with the Bitcoin industry and how everyone in the region seems to be getting involved with its infrastructure.
From the government to investors and miners, the cryptocurrency is quite popular in China. However, from companies and mining farms located in the region, Popper states, “despite the talk of a borderless currency, a handful of Chinese companies have effectively assumed majority control of the Bitcoin network.”
The Digital Gold author is not the only observer of this relationship between Bitcoin and China with firms such as Goldman Sachs reporting in 2015 that 80 percent of bitcoin volume is exchanged in and out of Chinese Yuan. The