22 Aug '13, 5am

Why the Chinese Love Bitcoins - Bloomberg #bitcoin

Tomohiro Ohsumi/Bloomberg Bitcoin is a virtual currency created four years ago that can be used to buy and sell a broad array of items, from electronics to illegal narcotics. The Chinese have found a new investment that sidesteps the scrutiny of the country's authorities. And for now, it's paying off big. Bitcoins, a virtual currency invented in 2009, is attracting investment-hungry Chinese who often struggle to find good assets that generate high returns. The investments have paid off for people like Sun Minjie, a 28-year-old Internet worker who lives in Beijing. He paid about 28 Bitcoins, worth roughly $3,000 at the time, for more than 400 shares in virtual stock exchange 796 Xchange. He's seen a 46 percent return on his investment since its Aug. 1 debut. Compare that with the 2 percent gain on the Shanghai Composite Index for the same period. It's no wonder why China ha...

Full article: http://www.bloomberg.com/news/2013-08-22/why-the-chinese-...

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