Chinese Investors And Bitcoin: A New Initiative Is On The Way
Back in August, we were reporting that China is becoming more open to crypto and Bitcoin these days.
According to the latest reports, People’s Bank of China (PBOC) is planning to launch a state-backed cryptocurrency by the end of the year.
You may already know that China’s link to crypto is not only limited to various government initiatives, but also the local users that are still dominating the Bitcoin mining landscape.
AMBCrypto reveals new details on the issue and notes the following data.
China’s local crypto supply
Primitive Ventures’ Dovey Wan, who also holds a deep understanding of China’s financial market, recently claimed the reason mentioned above as the primary factor for China’s sizable local crypto supply.
She also added that “probably over 70 to 80% hash rate is actually being produced here in mainland China.”
It’s been reported that Wan spoke about the emerging trend in which the investors in China are currently becoming more and more skeptical about investing in BTC considering the high volatility of the market and the drop in BTC’s price.
Bitcoin has a tough time recovering
The most important coin in the market cannot seem to be able to make a recovery.
The online publication mentioned above said that the market might see an increased involvement from the Chinese community as Bitcoin trades above $20,000.
Wan also mentioned the fact that although China has been making headlines for the recent crypto developments, and it seems that the strong regulations in China stand as a factor for the crypto exchange establishments.
Wan also talked about her recent investments and said that every investor should ask “whether those things can actually outperform Bitcoin.”
Was ended the interview with general financial advice and stated the following as noted by the online publication mentioned above:
“Definitely ask yourself like what are these things can outperform Bitcoin in about three to five years time frame. If you can answer that question yourself, then pull the trigger.”