Is The Bitcoin Price Rising Due To Chinese Demand Or The New Winklevoss …

Zero Hedge is contending that Bitcoin is on the precipice of the “2nd coming of the Bitcoin bubble.” According to the popular online financial website, “China’s increasing crackdown on its -until now lax – capital controls has spurred demand for alternate ‘currencies’ that remain out of the control (for now) of governments…”

ZH recalls how Bitcoin increased in price amid Grexit worries. In the wake of the media frenzy and European uncertainty, Bitcoin has fallen in price. ZH believes that there is a distinct possibility that China could invest even a fraction of its $22 trillion in Chinese deposits into Bitcoin. “…Sit back and watch as we witness the second of the bitcoin bubble, one which could make the previous all-time highs in the digital currency, seems like a low print. [sic]”

Helping ZH’s argument is the fact that Bitcoin are selling for $20 more on Chinese exchanges than they are on their western counterparts.

The Bitcoin price increase has been largely ignored by the mainstream media. Reuters posted a

Read more ... source: TheBitcoinNews