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In an article published today, a writer for the South China Morning Post — Hong Kong’s newspaper of record and the leading English-language newspaper in the country — explores why bitcoin is finding favor among investors in China.
There is a heightened buying of bitcoin in China as the cryptocurrency becomes the “new darling” of investors in mainland China, writes Daniel Ren of the South China Morning Post (SCMP).
He cites a weakening stock market and the Chinese yuan’s furthering devaluation and the expectations surrounding the drop as the driving factors behind investors’ adoption of the cryptocurrency. Furthermore, it is even speculated that bitcoin may offer respite for officials who seek a way around China’s recently-mandated anti-corruption drive.
The trading volume of bitcoin from China in recent times easily comprises the majority of bitcoin trading worldwide, led by transactions via Chinese virtual currency exchanges.
Indications are that a frenzied buying