Chinese Investors Turn to Bitcoin Amid Yuan Depreciation

The continuous devaluation of the Yuan has increased demand for bitcoin and new asset classes in China. Today, the country counts some 2 million bitcoin users; among them, 80 percent are speculating for short-term profit and about 14 percent are holding long-term, recognizing the value of the digital currency, according to Fang Yu, COO and Co-Founder of BitKan.
Speaking at the laBITconf conference in Buenos Aires earlier this week, Yu pointed out China’s appetite for bitcoin and other digital currencies and noted the craze for blockchain technology within both the private and public sectors.
“Big banks and financial institutions, even the government, are taking part in the research of [blockchain technology],” Yu told the audience. “They all consider [the blockchain] as a big chance for disruption. Even some banks have already set up their in-house research department for this.”

This post was published at Bitcoin Magazine on Nov 07, 2016.