How China Captured the Global Bitcoin Market (Op-Ed)

The story of Bitcoin is a cloudy but mostly American fairy tale about a global currency that doesn’t even really exist to many since it lives only on one’s computer. While no one knows who Satoshi Nakamoto is, it is believed that Satoshi primarily spoke and worked on Bitcoin in English, resided on the West coast, and refined his protocol with the late Hal Finney over six years ago.

Yet just 2 years ago, China began to get a taste of the wonders of Bitcoin, and it blew the roof off of the small, but growing market, driving prices to over US$1,100 within a season.

China’s love-hate relationship

Americans had never had that level of fervor for Bitcoin as a new currency/investment because Americans have been so privileged as to have the global reserve currency as their national currency. Bitcoin is just a cute speculative investment for Americans. A digital toy to play with, something to day trade with friends.

For anyone outside of the U.S., it can represent much, much more. The average Chinese investor quickly saw a decentralized currency not manipulated by the People Bank of China as a wonderful thing and acted on it. The average American

Read more ... source: Cointelegraph