Bitcoin trading has taken China, the world’s second largest economy, by storm as Goldman Sachs reported that 80% of the industry trading volumes are in renminbi. After all, an increasing share of the Chinese middle class is pursuing alternative investments, apart from property and equities.
According to Bobby Lee, CEO of the world’s largest bitcoin exchange BTCChina, Chinese users who like to gamble enjoy the strong volatility in bitcoin prices. For many, buying low and selling high offers the opportunity to make quick profits.
Chinese Bitcoin Trading
In addition, Lee also views the rise in bitcoin trading as part of the increased market penetration of gambling in Asia. This is particularly evident in the gambling activity in casinos in Macau, which is actually seven times larger than that of Las Vegas.
“China will continue to have the world’s largest share of Bitcoin trading,” Lee said. “Why is Macau the world’s largest gambling market? It’s not because Macau has the most casinos … it’s because Chinese are so interested in gambling!”
At the moment, regulation is not that strict in China when it comes to bitcoin trading. Nonetheless BTCChina did