2013-11-06

Chinese Bitcoin Exchange Now World's Largest

Bitcoins are trading at new highs today, but not in China, where the high in April has yet to be exceeded.

BTC China beats Mt. Gox and Bitstamp to become the world’s No. 1 bitcoin exchange
Bobby Lee, CEO of BTC China, said: “It’s an honor to see that BTC China has been propelled ahead to number one in the worldwide rankings. The real credit goes to the people in China, for having recognized the importance and value of bitcoin.”

He is not sure whether BTC China will be able to maintain its position at the top, asserting that “nothing is permanent”.

Lee highlighted that, months ago, he predicted October would be a big month for bitcoin in China. “The people here are really getting it, and it is being spread by both the general media and by word of mouth,” he said.
Chinese drove up the price of gold and now they are piling into Bitcoins. Whatever China buys becomes very expensive.

If prices make a new peak, then it will mark the end of wave 4.

5 comments:

  1. Wait until the Chinese discover BT anonymizing services. I don't think the Chinese gov't will be too happy with that.

    What is wave 4?

    Thanks for your blog, BTW. Fascinating reading.

    ReplyDelete
    Replies
    1. Re: Wave 4 see: Elliot Wave analysis of Bitcoins: Wave 3 Edition It has been in wave 4 since the peak in April, but a breakout to a new high would signal the start of wave 5.

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    2. Shei shei ni!

      Many thanks. ;)

      Delete
  2. ...The link doesn't open, and a search of your site doesn't turn it up. :(

    ReplyDelete
  3. here it is http://investinginchinesestocks.blogspot.com/2013/02/elliot-wave-analysis-of-bitcoins-wave-3.html

    ReplyDelete